India’s Citrus Payments Solutions has acquired Bengaluru-based payment platform Zwitch for an undisclosed amount.
This is Citrus’ first acquisition and comes shortly after it raised $25m in fresh capital from a clutch of new and existing investors.
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Founded in 2013 by Anish Achuthan and Mabel Chacko, Zwitch is a payment solutions platform that allows developers to accept mobile and online payments.
According to a Economic Times report, Achuthan will lead Citrus’ new ventures to expand in new verticals such as social commerce. While, Chacko will handle programme launches and help startups and developers adopt Citrus.
Under the deal, Zwitch’s 10 member team will join Citrus Pay and will relocate to Mumbai.
Commenting on the deal, Citrus Pay MD Amrish Rau 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."
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