PayU, Naspers’ payment service provider, whose headquarters is in the Netherlands, announces the acquisition of Citrus Pay, the Indian payment gateway. Closing at $130 million (U.S.), it is one of the largest Merger and Acquisitions in the Indian internet arena and certainly in Indian financial tech history. To date, the largest M&A in India’s financial tech market was Snapdeal’s acquisition of Freecharge at $400 million in 2015.
PayU, in India, allows sites to present various payment opportunities – credit, debit, and internet banking – to its customers. In addition, the Reserve Bank of India had granted PayU a semi-closed wallet license, allowing users to link their wallets to their accounts and pay accepted sites. PayU also permits the use of multiple currencies.
Up until the acquisition, Citrus Pay was the competition, threatening PayU plan’s for the Indian market. With the merger, Citrus Pay’s CEO Amrish Rau, will become the head of PayU India, while Jitendra Gupta, co-founder will manage LazyPay, and Shailaz Nag, co-founder, will cultivate new bank alliances. Leaving the company is PayU co-founder, Nitin Gupta.
Sequoia Capital, Ascent Capital and Beenos Asia were investors in Citrus Pay’s raising of $32.5 million in three round of funding.
In a globalized world, markets are increasingly interconnected but often there is a barrier to these expanding markets, and that is language. Thus, language translators are needed all around the world.
Taking advantage of this need, is a business called Conyac which mediates social translation services between bilinguals and companies. In other words, it is a platform to crowdsource and recruit translators for translation projects provided by businesses.
Founded by Naoki Yamada in February 2009, Conyac is named after the special konjac jelly in the popular Japanese animation called “Doraemon”. It is a special tool that gives characters the ability to speak and understand any languages after consumption.
Building on that, the site aims to gather native translators from all over the world. Since its launch in 2009, Conyac’s base of translators has grown to 10,000 individuals around the world who work in 60 different languages. Prices range from $3 per translation to a $100 per month packages, and clients usually get their completed projects back within an hour.
Additionally, what sets Conyac apart from its competitors is its high quality translation work. This is achieved through its system of project evaluation whereby Conyac has an evaluation system between translators to maintain quality.
On August 2016, Yamada sold his crowd translation service, Conyac to Rozetta, a language learning service provider for US$14 million. The deal with Japan-based Rozetta worked out to a 50 percent in cash and 50 percent in stock swap.
In response to this, Naoki Yamada, founder of Conyac explained that “This is just a way and tool to grow the business. IPO is also a tool, as well as acquisition. You should take the option that works for your company.”
Naoki hopes to see more buy-outs in Japan and looks forward to the day when acquisitions the size of his company wouldn’t even make headlines. Naoki said in an interview with Tech In Asia.
Founded in 2009 and based in Japan, Conyac is a global platform for crowdsourced translation services. It acts as a platform for social translation network, matching skillful translators with businesses and users who require translation services.
For more information, please visit https://conyac.cc/en
Organization: Unicorn Media