Citrus Pay, a Mumbai based mobile payment solutions company has raised INR 33.9 crores in Series B equity funding as confirmed by a company official. The investment was led by Japanese online payments company econtext Asia and Beenos Asia, the global incubation and investment wing of a Japanese ecommerce leader, netprice.com, along with existing venture capital backer, Sequoia Capital.
The funds raised will be utilized in further development of the mobile payment technology and in increasing footprint in global markets.
Founded in 2011 by Satyen Kothari and Jitendra Gupta, this payment gateway offers some really unique features such as Single click checkout, In-App purchases, etc. at a zero setup cost and quite low TDR charges.
Once a merchant sign up with Citrus, he can access their branded payment pages across all devices, thus offering a wide range of payment options. Also, it provides a feature wherein even when a transaction fails, the customer finds himself on the payments page only instead of basic information filling page.
“Mobile internet access is changing traditional methods of commerce in India and across Asia. With Citrus, both consumers and merchants can enjoy the benefits of innovative and secure payment solutions to book flights, buy movie tickets, or pay a bill, and all on the device of their choice – phone, tablet, PC” – Mr. Satyen V. Kothari, Chairman and Founder, Citrus Payment Solutions Pvt. Ltd.
Till date, Citrus Pay has acquired over 550 merchants over the past 13 months and records up to 11,000 transactions per day. Also, it has recently raised USD 2 Mn from Sequoia Capital.
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