September 14, 2016
New Delhi, India, September 14, 2016 – PayU, the global online payment service provider, today announces that Citrus Pay, a leading Indian payments technology player, will become part of its Indian operation. PayU’s $130M 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 $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's 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 Co-founder will ...