Within a couple of days of its fund-raise announcement, Citrus Payment Solutions has declared that it has acquired Bengaluru-based developer payment platform Zwitch for an undisclosed amount.
As per the deal, Citrus Pay will absorb Zwitch’s 10-member team, which will relocate to Mumbai. Zwitch Cofounder, Anish Achuthan will now lead Citrus’ new initiatives, with a focus on expanding the company’s offerings to emerging verticals such as social commerce and hyper-local commerce.
Similarly, Mabel Chacko who is also a Cofounder of Zwitch, will handle program launches and initiatives for startups and developers, helping them adopt Citrus, while also improvising Citrus’ digital merchant acquisition plan.
Commenting on the acquisition, Amrish Rau, MD, Citrus Pay, said– “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.”
Citrus Pay, which is targeting revenue of between Rs 180 crore and Rs 200 crore for the current fiscal, has 15-million wallet users, and has crossed $2 billion in GMV processed. It caters to more than 7,000 merchants, and expects to touch $4 billion in GMV processed by the end of the financial year ending March 2016.
Payment gateways in India are rising in tandem with the burgeoning eCommerce. A payment gateway is an eCommerce application service provider service that authorizes card payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. To name a few, PayUMoney, CCAvenue, Atom, DirecPay, Instamojo among others, are Citrus’ direct competitors.