Merger & Acquisitions

Citrus Payments takes over payments start-up Zwitch

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CitrusPayments firm Citrus Payments has acquired the payments start-up, Zwitch, along with its core team members.

The acquisition also saw founders of Zwitch, Anish Achuthan and Mabel Chacko, joining Citrus, along with all the core members of the erstwhile Zwitch team. However, the terms of the acquisition were not made public by Citrus.

Citrus Payments will provide Zwitch with an environment that would aid creation of innovative products that will further change the Indian payments landscape, according to a senior official of the company. Citrus supports entrepreneurs and absorbing this team was another step in that direction, he added.

Joining Citrus as employees, the Zwitch founders will have access to the already established team of industry experts at the fast-growing company, along with a wide range of resources.

Citrus will provide Zwitch a platform to innovate and launch new products in the digital payment space, enabling the organisation to expand its offerings to verticals, such as social commerce and hyper-local commerce, he said.

They aim to bring in 1 million businesses to Citrus using these initiatives.

Besides, Zwitch will also aid start-ups and developers, helping them adopt Citrus.

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