Naspers-backed PayU has acquired payments company Citrus Pay for $130 million in an all cash deal, CEO Nitin Gupta confirmed to MediaNama. Following the deal, Gupta said that he would be stepping down from his role as CEO and pursue another venture. Meanwhile, Citrus Pay's managing director Amrish Rau would take over the reins of the combined entity as CEO, he told. Citrus's other co-founder, Jitendra Gupta, and PayU's Shailaz Nag would be taking leadership positions in the company. The Economic Times points out that Jitendra Gupta would be developing its credit underwriting business through Citrus' Lazy Pay unit. Both PayU and Citrus have been ramping up their product portfolios in recent times: - Last month, PayU got a semi-closed wallet licence from the Reserve Bank of India for their PayU money wallet (it had been running the wallet with a licence from RBL Bank earlier). - In June, PayU also launched its POS terminal. Last month it said that it has more than 5,000 terminals and is adding 1,350 machines by the end of the month. - PayU also got a licence to setup a Bharat Bill Payments Operating Unit (BBPOU). The approval from the RBI will allow BBPOUs to connect with the central bill payments and settlement system called Bharat Bill Payment System (BBPS). - In July, Citrus Pay launched Sellfie for contextual payments. Users can now sell and collect payments directly on social media sites, messengers and other online channels through this app. - Citrus Pay also has Lazy Pay and…
