Just In
- 8 hrs ago Elon Musk’s X Is Launching a TV App Similar to YouTube for Watching Videos
- 9 hrs ago Qualcomm Reveals Snapdragon X Plus Chip for Laptops: 10 Core CPU, On-Device AI, & Much More
- 9 hrs ago Flipkart Teases “Jaw-Dropping” Discount on iPhone 15: All-Time Low Price Anticipated
- 10 hrs ago President Joe Biden Signs Bill to Ban TikTok in the US: Unless This One Condition is Met
Don't Miss
- Sports Pakistan vs New Zealand: Ben Sears, William O'Rourke Star In NZ Win in 4th T20I; Kiwis Take 2-1 Lead
- Finance Rs 45/Share Dividend: Record Date In Due Course; Buy The IT Stock For Dividend Eligiblity?
- Movies TRP Report Week 16: Anupamaa, Jhanak BEAT Yeh Rishta Kya Kehlata Hai, Ghum Hai. Top 10 Shows List
- News MEA Dismisses US Human Rights Report On Manipur As 'Biased And Misinformed'
- Automobiles Royal Enfield Unveils Revolutionary Rentals & Tours Service: Check Out All Details Here
- Education AICTE introduces career portal for 3 million students, offering fully-sponsored trip to Silicon Valley
- Lifestyle Heeramandi Screening: Alia Bhatt, Ananya Panday, Rashmika Mandanna And Others Serve Finest Ethnic Style!
- Travel Escape to Kalimpong, Gangtok, and Darjeeling with IRCTC's Tour Package; Check Itinerary
PayU acquires Citrus Pay for $130 million
Global online payment service provider PayU has acquired Indian payments technology player, Citrus Pay, for $130 million (roughly Rs. 869 crores) in an all-cash deal, a joint-statement said here on Wednesday.
The agreement is due to close in the third quarter of 2016. The statement described PayU's $130 million transaction as the largest ever merger and acquisition cash deal in the Indian fintech sector.
SEE ALSO: 100% Working: 5 Simple Steps to Increase Reliance Jio 4G Download Speed up to 20mbps
"Today's announcement is a significant milestone for both businesses, as well as the fintech industry in India. It is exciting for everyone across the PayU and Citrus teams as we bring together new capabilities that will help us to better serve our collective clients." said Laurent le Moal, CEO of PayU.
The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined $4.2 billion (roughly Rs. 28,093 crores), growing at more than 50 percent year-on-year, the statement said.
"The agreement also enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers," it added.
Amrish Rau, currently Citrus Pay managing director, will become CEO of PayU in India. Reporting to PayU Global CEO, Laurent le Moal, he will lead entrepreneurial management team across PayU and Citrus Pay.
SEE ALSO: 10 Hot Rumors & Leaks About the Upcoming Xiaomi Mi 5S
Citrus Pay founder Jitendra Gupta will drive PayU's Fintech foray into credit through Citrus Pay's Lazypay, while Shailaz Nag, PayU co-founder, will focus on new areas of growth through bank alliances.
Nitin Gupta, PayU co-founder, will help complete the transition to the new leadership team before departing PayU to pursue his entrepreneurial ambitions.
Citrus Pay was founded in 2011 by Jitendra Gupta.
PayU is part of Naspers, a global Internet and entertainment group, and one of the largest technology investors in the world.
Investec acted as the sole advisor to the transaction.
Click Here for New Smartphones Best Online Deals
-Press Release
-
99,999
-
1,29,999
-
69,999
-
41,999
-
64,999
-
99,999
-
29,999
-
63,999
-
39,999
-
1,56,900
-
79,900
-
1,39,900
-
1,29,900
-
65,900
-
1,56,900
-
1,30,990
-
76,990
-
16,499
-
30,700
-
12,999
-
11,999
-
16,026
-
14,248
-
14,466
-
26,634
-
18,800
-
62,425
-
1,15,909
-
93,635
-
75,804