PayU Acquires Citrus Pay

IAS Prelims 2023

Online payment service provider PayU has acquired Mumbai-based Citrus Pay for about ₹870 crore ($130 million).

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.