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Naspers-owned PayU buys Citrus Pay

Sequoia, an early investor in Citrus Pay, exits with good returns

Alnoor Peermohamed  |  Bengaluru 

Online payments firm PayU, owned by South African Internet giant Naspers, has acquired smaller rival Citrus Pay for $130 million in the largest all-cash deal India’s financial technology sector has ever seen. The combined entity will take on Paytm and Snapdeal-owned Freecharge in the country’s fast-growing digital payments industry. 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, ...

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First Published: Thu, September 15 2016. 00:25 IST
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