PayU in talks to acquire fintech co Citrus Pay

Third-party Payment service provider PayU is in talks to acquire fintech company Citrus Pay, while 8TV, a San Francisco based startup, has raised USD 500,000 from RedCliffe Capital, Google executive Tidhar Carmeli, AngelPad's Thomas Korte. CNBC-TV18’s Syna Dehnugara brings the day’s action from the startup sector.

The PayU- Citrus Pay deal is expected to be closed by September this year, and could come in at between 150 million and 180 million dollar. After the acquisition, Citrus Pay will be completely absorbed into PayU. The deal will see Sequoia Capital, which holds a 25 percent stake in CitrusPay, completely exit the company. So will other investors like Ascent Capital and Japanese strategic investors Beenos and econtext Asia.

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