Citrus Payment Solutions a company that offers payment solutions has recently acquired Bengaluru based payment platform Zwitch. The acquisition was done for an undisclosed amount. The acquisition deal of Citrus Payment Solutions was announced after it raised fresh capital in a new round. The company raised about $25 million from its existing investors including Sequoia Capital and a private equity firm Ascent Capital.
Zwitch is a full stack payment platform founded in 2013.It enables the developers to accept online and mobile payments. The company assists about 1,100 merchants and facilitates daily transactions worth Rs 10 lakh.
Citrus Pay will absorb Zwitch’s 10-member team and relocate their operations to Mumbai. Also Anish Achuthan, Zwitch’s cofounder will lead Citrus’ new initiatives. These activities are done by Citrus with its focus on expanding the company’s offerings and expand its operations to other emerging verticals such as social commerce and hyper-local commerce. Mabel Chacko Zwitch’s other cofounder will mainly handle their program launches and other initiatives for startups and developers which help them to adopt Citrus, and improvise Citrus’ digital merchant acquisition plan.
This is the first acquisition done by Citrus Pay after it has been launched in 2011.The company also plans to make a few more buyouts in the coming months. Amrish Rau, MD, Citrus Pay proposed that social payments and social marketing are going to be really important in coming years and they are looking to position themselves as a leading player in this emerging consumer-to-consumer segment.
Citrus Pay is targeting revenue between Rs 180 crore and Rs 200 crore in the current fiscal year. It has about 15-million wallet users and has crossed $2 billion in Gross Merchandise Value (GMV) processed. It caters about 7,000 merchants and expects to reach $4 billion in GMV which will be processed by the end of the financial year ending March 2016.
