PayU Global to buy rival Citrus Pay for $130 million - 15-Sep-2016
New Delhi: PayU Global, the digital payments provider owned by South Africa’s Naspers Group, will buy rival Citrus Pay for $130 million in an all-cash deal.
PayU India will have more than 30 million customers post the acquisition of Citrus Pay.
The company forecast it will process an estimated 150 million transactions, worth $4.2 billion, in 2016. The deal, once concluded, is expected to provide an attractive exit to Citrus Pay’s investors—Ascent Capital, Beenos and Sequoia Capital. PayU confirmed that the early investors will exit but declined to disclose details.