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…
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