A “setback” for India’s fintech industry, that's the first word from BillDesk’s co-founder on the aborted $4.7 billion deal with PayU, which would have been one of the largest fintech deals in the country.

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Speaking to CNBC-TV18's Ritu Singh, Billdesk's co-founder Srinivasu M N says the deal's termination was a "disappointment", adding that this will create a trust deficit on how Indian companies view foreign investors.

“It has been a disappointment for the industry and it has also been a setback from a fintech industry perspective of what would have been a large deal and the manner in which it was, perhaps called off. So we will just have to wait for time to see how this evolves,” Srinivasu said,

Talking about the implication, he said that India did its job into the regulatory clearances to asking the right questions. "So I think the implication is more from how do Indian companies look at foreign investors sticking to their word,” he added.

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Also Read: Prosus terminates $4.7 billion deal to acquire payments firm BillDesk