BENGALURU, SEPTEMBER 14:
PayU, the global online payment service provider, on Wednesday said that it has acquired Citrus Pay, a leading Indian payments technology player, for $130 million.
A press statement from the company said 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, growing at 50 per cent plus y-o-y. The agreement also enables PayU to quickly bring additional innovative financial services to market for its business and consumer customers.
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 the management team across PayU and Citrus Pay. 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.
The Indian online payments industry is rapidly growing, attributed to a rise in smartphone use and an active policy push to drive financial inclusion. A recent Boston Consulting Group report estimated digital transactions will hit $500 billion by 2020, ten times its current level.
The agreement, due to close in Q3 2016, capitalises on this market growth and brings together two complementary businesses.
PayU will be able to maximize its existing franchise in e-commerce, and grow vertical market leadership in the airline and telecoms industries on the back of Citrus Pay’s platform. PayU will also continue to develop Citrus Pay’s consumer brands, LazyPay and Sellfie.
(This article was published on September 14,
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