India Dealbook: Sequoia-backed Citrus buys Zwitch; Fork Media acquires Spid Info

Stockphoto via MBT

Citrus Payment Solutions has bought Zwitch to expand in new verticals while Fork Media acquired wifi advertising network Spid Info to target consumers in the alternate ad space.

Citrus Payment Solutions Buys Zwitch

Citrus Payment Solutions, maker of online payments products, has acquired Bangalore-based payment platform Zwitch. The price of the deal was not disclosed.

Zwitch’s co-founder Anish Achuthan will lead Citrus’ new ventures to expand in new verticals such as social commerce. Its ten-member team will relocate to Mumbai, India, where Citrus is based, said a report in the Economic Times.

Mabel Chacko, the other co-founder of Zwitch, will handle programme launches and help startups and developers adopt Citrus. Currently Zwitch is a payment solutions platform for developers to accept mobile payments. It has a daily transaction volume of Rs 10 lakh ($15,339).

Citrus had recently raised $25 million in a series C round from Sequoia Capital and Ascent Capital, and has 15 million users for its online wallet.

Fork Media acquires wi-fi advertising network Spid Info Media

Digital advertising network Fork Media has acquired wifi advertising network Spid Info Media for an undisclosed amount, to offer advertisers a larger audience platform to target on-the-go consumers.

Spid Info Media’s tech enables it to reach Wi-Fi users at airports, malls and other public locations such as KFC, Starbucks, and McDonalds. Fork Media will use this to target a wider audience in the alternate ad inventory space, said a report in the Economic Times.

While the price of the deal was not disclosed, Fork is supposed to have paid between $3-$5 million. The cash and stock deal is the second by Fork, which acquired ClickZoot last year.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.