Home Business Entrepreneurship PayU in Final Stage To Acquire Citrus Pay in Full Cash Deal

PayU in Final Stage To Acquire Citrus Pay in Full Cash Deal

PayU is in its final stage of acquiring payment processing startup Citrus Pay offering almost 150 to 180 million USD. The respective firm is willing to make purchases in full cash deal so that the entire procedure might be done at one stake. Though still being quite uncertain, if the deal is closed, then it would be country’s largest deal in the financial technology sector. As per nearby sources, the deal might get close within two or three months under Mergers & Acquisition Act.

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As the acquisition takes place, PayU will rise and shine as the leader of online commerce segment regarding trading and share market. At present, both the companies are busy providing services to its online merchants regarding payment solutions. The separate entities if combined in future, will come up as the leader in the respective sector.

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After the final deal commenced in next two months, the existing investors of Citrus Pay will walk out of the company which includes Sequoia Capitals, Econtext Asia, Beenos, Ascent Capitals, etc. Most of the stakes are owned by Sequoia comprising 35% and rest investors hold 25% of shares in the company. PayU backed by

PayU backed by Naspers is likely to invest around $30 to $40 million at the initial stage, after the acquisition. Owners of Citrus Pay Amrish Rau and Jitendra Gupta, along with 300 members of the team will be sustained in the new management team. The 3-year-old startup will continue to work with the same team but with entirely different governance body.

Citrus Pay provided payment solutions offering services through various business stations, such as enterprise payment SaaS solutions, payment processing, and consumer payment services. It also provided services in management segment along with monthly bill payments, a track of expenses and so on. The firm raised the fund worth $32 million in last three rounds. In the recent Series C funding, it raised approximately $25 million Sequoia Capital followed up by Beenos Asia, Ascent Capitals, and Context Asia.

In the fiscal year 15-16, Citrus Pay joined hands with RuPay and Visa so as to dive deeper in online payment segment. In fact, a few months ago, the firm hired Pay Pal’s employee in its head production development section.

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