Contact Your Financial Adviser Money Making MC
14
September 2016
Global
online payment service provider PayU has acquired Indian payments technology
player, Citrus Pay, for $130 million in an all-cash deal, a joint-statement
said here on Wednesday.
The
agreement is due to close in the third quarter of 2016. The statement described
PayU's $130 million transaction as the largest ever merger and acquisition cash
deal in the Indian fintech sector.
"Today's
announcement is a significant milestone for both businesses, as well as the
fintech industry in India. It is exciting for everyone across the PayU and
Citrus teams as we bring together new capabilities that will help us to better
serve our collective clients." said Laurent le Moal, CEO of PayU.
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 more
than 50% year-on-year, the statement said. The Total Investment & Insurance Solutions
"The
agreement also enables PayU to quickly bring additional innovative financial
services to market for its business and consumer customers," it added. The Total Investment & Insurance
Solutions
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 entrepreneurial
management team across PayU and Citrus Pay. The Total Investment & Insurance Solutions
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.
Citrus Pay
was founded in 2011 by Jitendra Gupta. The
Total Investment & Insurance Solutions
PayU is part
of Naspers, a global Internet and entertainment group, and one of the largest
technology investors in the world. The
Total Investment & Insurance Solutions
Investec
acted as the sole advisor to the transaction.The Total Investment & Insurance Solutions
No comments:
Post a Comment