We didn’t know he was an investor,” was the first reaction of Rahul Munjal of the Hero Group, which runs Easy Bill Ltd, when told that Bill Clinton, former US president, has disclosed a small $150,000 (Rs61.5 lakh) stake in Easy Bill.
Easy Bill is a bill payment company that allows people to pay their utility bills such as electricity, water and phone at a retail outlet.
The company, which is headquartered in the Okhla Industrial Estate in the Capital and is owned by the Munjals, has 3,300 retail outlets and counts among its clients companies such as Bharti Airtel Ltd and the government of Rajasthan.
The connection between Clinton and Easy Bill came to light as part of disclosures made by Clinton and his wife Hillary Clinton, who is seeking the Democratic Party’s Presidential nomination.
Bill Clinton has a stake in a private equity company called YGPF Mauritius Investments, which in turn has invested in Easy Bill.
The Munjals declined to reveal the private equity company’s stake in Easy Bill.
“We aren’t into outsourcing at all,” says Munjal, chief executive officer of Easy Bill. “We just want to service domestic consumers for mundane financial transactions for which they wouldn’t go to a bank.”
Munjal says he wants to grow his company to cater to 50 cities by 2010 from 21 now.