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CitrusPay Raises $5.5 Million In Series B Round From Japanese Firms eContext Asia And Beenos Asia With Sequoia Participating
Mumbai based payment start-up Citrus Payment Solutions has managed to raise $5.5 million (Rs.33.9 crore approx.) in its Series B round. The new investors who have come onboard are two Japanese companies, econtext Asia and Beenos Asia. econtext Asia is an online payments company and Beenos Asia is a subsidiary of Netprice. Sequoia Capital, an existing investor in Citrus, has also participated in this round. Citrus Payment Solutions operates CitrusPay, a payment gateway for businesses.
This investment is one of the largest raised by an Indian digital payment company. CitrusPay was founded by Satyen Kothari and Jitendra Gupta in 2011. The last time we wrote about them, the company was differentiating based on checkout times (3-5 secs compared to the average 80 secs. The investment is going to be used for expansion across global markets and product development.
CitrusPay currently offers merchants customisability when it comes to integrating many payment gateways under one account. It also lets merchants customize the checkout screen so that there is no disruption in consumer experience. It also works well on mobile platforms. Merchants also get invoicing and payment tracking features built in. CitrusPay also caters to customers by giving them an account which centralizes their spending information across sites that use CitrusPay as a gateway. This helps customers track their spending in real-time.
The company has around 1000 merchants which it counts as clients, the most prominent among them being the high volume Indigo Airlines, Airtel and Reliance Entertainment. Other include Healthkart, Sun Direct, Quick Heal and Zivame. The company clocked 2 million transactions in the month of November, 2o13. The company has previously raised roughly $1.8 million from Sequoia in 2012.
Website | CitrusPay
Source | Economic Times
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Source: http://www.watblog.com/2013/12/09/citruspay-raises-5-5-million-in-series-b-round-from-japanese-firms-econtext-asia-and-beenos-asia-with-sequoia-participating/
