#Marketwire is your quick summary of notable market movements in the technology industry. The organisations covered in this segment include Naspers, PayU, Citrus Pay, Myntra and GoJavas
Naspers Backed PayU to Acquire Citrus Pay
South African Internet conglomerate and investor in several Indian startups, Naspers is said to be final stages of acquiring online payments firm Citrus Pay. It will be an all cash deal worth Rs. 1000-1200 crore, post which Citrus Pay would be merged under Naspers owned PayU.
Mumbai-based Citrus was founded in 2011, and has raised $33 million till date. Both Citrus Pay MD Amrish Rau & CEO Jitendra Gupta will join the management at PayU. Read More
Myntra Ties Up with Tech Connect Retail to Comply with FDI Norms
Myntra has tied up with a new retailer – Tech Connect Retail, owned by former Bharti Airtel Chief Sanjay Kapoor. This has been done in order to comply with new FDI norms introduced in March 2016. Till date Vector E-Commerce was the largest seller on Myntra, which sourced its products Myntra Designs Pvt. Ltd.
The routing of goods through an independent vendor was being done to go around the FDI regulations that didn’t allow companies like Myntra to sell directly to consumers. Although the fresh norms announced earlier this year allow FDI in online marketplaces, the business generated through a single seller has been capped to 25%. Read More
GoJavas Suspends its Operations
eCommerce logistics firm GoJavas has temporarily suspended its operations owing to undefined technical issues. The company says that its working on a new operational model, and is troubleshooting the IT issues that have cropped up in process.