Red Herring: Indian online bill payment company BillDesk has received a funding of $5 million from Clearstone Venture Partners. Its is the VC fund’s first direct investment in India. Clearstone had also supported PayPal, one of the largest online payment companies in the world. BillDesk, part of IndiaIdeas.com, was set up in 2000 by three ex-Arthur Andersen professionals. The company had received initial funding from Bank of Baroda and the National Venture Fund for Software and Information Technology, a venture fund promoted by Small Industries Development Bank of India (SIDBI), and the Information Technology ministry of the central government and SIDBI Venture Capital.