Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Citrus Pay, an online payment solutions company, has acquired Bangalore-based payment platform Zwitch for an undisclosed amount.
As a part of the deal, Zwitch’s 10 member team will join Citrus Pay and will relocate to Mumbai. Anish Achuthan, co-founder of Zwitch will lead Citrus’ new initiatives for expanding the company’s offerings to emerging verticals such as social commerce and hyper-local commerce.While, Mabel Chacko, the other co-founder of Zwitch, will handle program launches and initiatives for startups and developers, helping them adopt Citrus, while also improvising the company’s digital merchant acquisition plan.
The financial terms of the deal have been kept undisclosed by the company.
Zwitch, founded in 2013, is a full stack payment solutions platform that enables developers to accept online & mobile payments. The platform, currently has over 1000 merchants onboard. The startup also claims to have processed transactions worth over $15K (INR 10 lakh) already on its platform.
This is Citrus’ first acquisition. Recently, the company was in the news for raising $ 25 Mn from VC firms such as Sequoia Capital and private equity firm Ascent Capital.
“We envisage that social payments and social marketing to be really important going forward, we are looking to position ourselves to be a leading player in this emerging consumer-to-consumer segment,” said Amrish Rau, MD, Citrus Pay.
Citrus Pay is targeting revenue of between $26 Mn – $30 Mn (INR 180 Cr – 200 Cr) for the current fiscal. It currently has 15 Mn wallet users and caters to more than 7000 merchants. It has already crossed $2 Bn in GMV and expects to touch $4 Bn by the end of the financial year.
Citrus’ payment gateway is being used by companies like Indigo, Go Air and Amazon India.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.