Fresh from its $25 Million Series C round, Citrus Payment Solutions — parent company behind Citrus Pay — has now acquired Bangalore-based payment platform Zwitch. While financials remain under the cover, Zwitch’s founders will come into Citrus’ core team, handling newer, startup focused initiatives.
As per a report available at Economic Times, one of Zwitch’s 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.
The startup’s other cofounder Mabel Chacko will handle program launches and initiatives for startups and developers, helping them adopt Citrus, while also improvising Citrus’ digital merchant acquisition plan. The entire 10 member team is set to get absorbed into Citrus Pay at various roles.
Zwitch, founded in 2013, is a full stack payment solutions platform with over 1000 merchants onboard already. The startup claims to be processing transactions worth over 10 lakh already on its platform, on a daily basis.
For Citrus, this will be its first acquisition since inception as the company now looks to diversify operations into fresh verticals like social commerce, hyper-local commerce etc. Citrus Pay is targetting revenues close to 180 crores this fiscal, and already has over 15 lakh wallet users.