PayU’s USD 130 million transaction is the largest ever M&A cash deal in Indian fintech, demonstrating its payments and financial services expansion strategy.
The deal will grow PayU India customers to more than 30 million, processing a forecasted 150 million transactions in 2016 worth a combined USD 4.2 billion, growing at 50%+ YoY. 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 a talented entrepreneurial management team across PayU and Citrus Pay. Shailaz Nag, PayU cofounder will focus on new areas of growth through new bank alliances, and Citrus Pay founder, Jitendra Gupta, will drive PayU’s Fintech foray into credit through Citrus Pays Lazypay. Nitin Gupta, PayU cofounder, will help complete the transition to the new leadership team before departing PayU to pursue his entrepreneurial ambitions.
The agreement, due to close in Q3 2016, capitalises on this market growth and brings together two complementary businesses. PayU will be able to maximise its existing franchise in ecommerce, and grow vertical market leadership in the airline and telecoms industries. PayU will also continue to develop Citrus Pay’s consumer brands, LazyPay and Sellfie.
Citrus Pay was founded in 2011 by Jitendra Gupta and Satyen Kothari. It has become one of the fastest growing Indian fintech companies.
PayU is part of Naspers, a global Internet and entertainment group and one of the largest technology investors in the world. Following completion of the deal, Citrus Pay will be wholly owned by Naspers, strengthening its Payments division and supporting its strategy to grow its financial services footprint across emerging markets with long-term growth potential.
For more information about PayU, please check out a detailed profile of this company in our dedicated, industry-specific online company database.
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