Naspers-owned online payments service provider PayU has bought Mumbai-based rival Citrus Pay for $130 million (865 crore)..This is one of the biggest deals in the country’s emerging financial technology space, creating a new entity that will compete with Alibaba-backed Paytm, Snapdeal-owned FreeCharge and MobiKwik, reported ET..IndusLaw advised PayU and the team included Partner Srinivas Katta along with Principal Associate, Winnie Shekar and Senior Associate, Ashi Bhat. Partner, Avimukt Dar advised on competition law issues while Partner, Avik Biswas advised on employment law issues..P C Legal acted for Citrus Pay with a team led by Partner Vishnu Jerome along with Ashnee Desai..Veritas Legal acted for the sellers and the team was led by Managing Partner Abhijit Joshi..Venture capital firm Sequoia Capital, which had invested about $10 million and owned a 32 per cent stake in Citrus Pay, is estimated to have made a four-fold return on its investment. Ascent Capital, which bought an 8 per cent stake last year, earned about $12 million, according to Business Standard.
Naspers-owned online payments service provider PayU has bought Mumbai-based rival Citrus Pay for $130 million (865 crore)..This is one of the biggest deals in the country’s emerging financial technology space, creating a new entity that will compete with Alibaba-backed Paytm, Snapdeal-owned FreeCharge and MobiKwik, reported ET..IndusLaw advised PayU and the team included Partner Srinivas Katta along with Principal Associate, Winnie Shekar and Senior Associate, Ashi Bhat. Partner, Avimukt Dar advised on competition law issues while Partner, Avik Biswas advised on employment law issues..P C Legal acted for Citrus Pay with a team led by Partner Vishnu Jerome along with Ashnee Desai..Veritas Legal acted for the sellers and the team was led by Managing Partner Abhijit Joshi..Venture capital firm Sequoia Capital, which had invested about $10 million and owned a 32 per cent stake in Citrus Pay, is estimated to have made a four-fold return on its investment. Ascent Capital, which bought an 8 per cent stake last year, earned about $12 million, according to Business Standard.
