Citrus Payment Solutions Raises $25M in Series C Round of Funding

Citrus Pay Co-founders Satyen Kothari and Jitendra Gupta (Source)

Citrus Pay Co-founders Satyen Kothari and Jitendra Gupta (Source)

Payment solutions company Citrus Payment Solutions has raised an amount of $25 million (Rs 162 crore) in its Series C round of funding from new and its existing investors.

The new investor who participated in the round was mid-to-growth stage private equity firm, Ascent Capital and company’s existing investors namely Sequoia Capital, eContext Asia and Beenos Asia.

With the latest round of funding the company’s latest valuation amounts to $90-$100 million, as reported by ET.

Founded in 2011 by Satyen Kothari and Jitendra Gupta, Citrus is an online payment solutions provider. It has three business verticals- payment processing, enterprise payment SaaS solutions and consumer payment services. The company’s payment gateway is used by companies like Indigo, Go Air and Amazon India where it claims to process transaction worth $1.5 billion on annual basis.

The other players in the space are Freecharge (acquired by Snapdeal), Paytm, MobiKwik, PayMate, Oxygen, PayU and MoneyOnMobile among others. Online eCommerce firm Flipkart had also acquired a majority stake in payment services startup, FX Mart for a deal amount of Rs 45.4 crore, to offer a digital wallet on its app and avoid paying a cut to external wallet providers. With this new round of funding, Citrus plans to establish a strong position among other ventures working in the payment services. The company has tie ups with a number of online portals for facilitating payments through its wallet.