New Delhi, Sep 14, 2016: PayU acquires Citrus Pay for $130 million. Global online payment service supplier PayU has acquired Indian payments know-how participant, Citrus Pay, for $130 million in an all-cash deal, a joint-statement mentioned right here on Wednesday.
PayU acquires Citrus Pay for $130 million.
The settlement is because of close within the third quarter of 2016. The assertion described PayU’s $130 million transaction as the most important ever merger and acquisition cash deal within the Indian fintech sector as PayU acquires Citrus Pay for $130 million.
“As we speak’s announcement is a big milestone for each companies, in addition to the fintech trade in India. It’s thrilling for everybody throughout the PayU and Citrus groups as we convey collectively new capabilities that may assist us to higher serve our collective purchasers.” stated Laurent le Moal, CEO of PayU when PayU acquires Citrus Pay for $130 million.
The deal will develop PayU India clients to greater than 30 million, processing a forecasted 150 million transactions in 2016 price a mixed $four.2 billion, rising at greater than 50 per cent year-on-year, the assertion stated.
“The settlement additionally permits PayU to shortly convey extra progressive financial services to marketplace for its enterprise and client prospects,” it added as PayU acquires Citrus Pay for $130 million.
Amrish Rau, presently Citrus Pay managing director, will grow to be CEO of PayU in India. Reporting to PayU Global CEO, Laurent le Moal, he’ll lead entrepreneurial administration group throughout PayU and Citrus Pay.
Citrus Pay founder Jitendra Gupta will drive PayU’s Fintech foray into credit score by way of Citrus Pay’s Lazypay, whereas Shailaz Nag, PayU co-founder, will concentrate on new areas of development by way of financial institution alliances when PayU acquires Citrus Pay for $130 million.
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