Business, News

#Dealwire – Naspers-Owned PayU Acquires CitrusPay for Rs 865 Cr & More


#Dealwire is your dose of notable M&A and partnership deals in business and technology space. Firms covered in this segment include PayU, CitrusPay, MosChip, ElitePLUS Semiconductor Technologies, Orange Semiconductors, Maven Systems, Quikr, Stayglad, Fork Media, Inuxu, Samsung, HP Inc, Google and Apigee.

Payments Tech Firm PayU Acquire CitrusPay for Rs 865 crore

Naspers-owned payments firm PayU has acquired its India-based rival firm CitrusPay in an all cash deal worth Rs 865 crore. The deal is expected to close by the end of 2016. The merged entity is expected to reach over 20 million customers and over 200,000 merchants within this year.

Mumbai-based Citrus was founded in 2011, and had raised $33 million till date. Its early investor Sequoia is expected to get 4X return on its initial investment. Read More

Listed Semiconductor Firm MosChip Acquires 3 Firms

Hyderabad-based BSE-listed semiconductor maker, MosChip, has acquired 3 firms in semiconductor and IoT space. These include Bangalore-based ElitePLUS Semiconductor Technologies, and Orange Semiconductors, and Pune-based Maven Systems.

ElitePLUS was founded in June 2014, by Shruti Ramanand Nayak, Zahiruddin Mohammed and Ranganath Shekarappa Kempanahally. Orange Semiconductors was founded in September 2013 by Pooja Nitin Naik and Vijay Shobharam Shrivastava. Maven Systems was founded in October 2009 by Dhananjay Ramchandra Kulkarni.

While the financial details of any of the deals haven’t been disclosed, the company obtained board approval to raise an additional Rs.41.25 crore ($6.15 million) by issuing shares and warrants to US-based Techwave Pte. Ltd. MosChip reported revenues of Rs.5.5 crore and net loss of Rs.11.5 crore in FY15-16. Read More

Quikr Buys Stayglad in a Largely Stock Deal

Online classifieds firm Quikr has now acquired on-demand beauty services provider Stayglad. The latter’s valuation is reported to be under Rs 50 crore, and the deal was largely a stock transaction.

StayGlad was founded in May 2015 by IIT Kharagpur alumni Prateek Jain, Shashank Gupta and Kavish Desai. Quikr will integrate the startup’s team within its brand AtHomeDiva. It had also acquired another startup in the same domain, Zapluk, in August 2016. Read More

Fork Media Acquires Adtech firm Inuxu

Digital media firm, Fork Media has acquired Pune-based ad-tech firm Inuxu Digital Media Technologies. The cash & stock deal was worth $3 million, giving Fork Media a holding of 51%. Fork Media itself provides adtech solutions to publishers, and will leverage the acquisition to expand its suite of products. Read More

Samsung to Sell Its Printing Business to HP for $1.05B

South Korean tech giant Samsung is selling its printing business to tech maker HP, in a deal worth $1.05 billion. Samsung calls it an effort to concentrate on their core business areas. The deal comes within a year of Hewlett Packard-HP’s split into separate IT services and hardware businesses respectively. Read More

Google Buys API Management Apigee for $625M

Google is buying NASDAQ-listed API Management platform Apigee, in an all cash transaction worth $625 million. Apigee was founded in June 2004 by Chet Kapoor and Raj Singh. It provides an API management and analytics to enterprises. Read More

Image Credit: Samsung Insights

Have ideas to share? Submit a post on iamwire

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>