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Global online payment service provided PayU has bought Mumbai-based Citrus Pay, a payments technology provider, for about ₹870 crore ($130 million), in a landmark deal in the Indian financial technologies space.
Started in 2011, Citrus Pay provides consumer payments and mobile banking services, partnering with over 9,000 merchants to secure payments for 21 million consumers. Its investors include leading venture capital firm Sequoia; Beenos, a Japanese investment company; and, E-Context Asia, a leading provider of online payment and e-commerce services across Asia.
The deal will grow PayU India customers to more than 30 million, processing an estimated 150 million transactions in 2016 worth $4.2 billion. PayU is part of Naspers, a global Internet and entertainment group and one of the largest technology investors in the world. This is Naspers’ second major buy in India; it earlier had bought bus ticketing company redBus.
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