PayU acquires Citrus Pay for $130 mn in all-cash deal
In one of the largest fintech deals in India, online payments startup PayU on Wednesday acquired rival Citrus Pay for $130 million in an all-cash deal. Citrus Pay's earliest backer Sequoia, which invested $10 million, will reportedly earn a four-fold return on its investment. Citrus Pay's MD Amrish Rau will take over as the CEO of the merged entity.