Citrus Pay crosses another milestone to increase leadership in mobile payment solutions; Receives second round of institutional funding
Will deploy funds for continuing innovations in disruptive mobile payment solutions for India and global markets
- econtext Asia Limited and Beenos Asia Pte. Ltd. join Citrus as strategic investors
- Sequoia Capital (through its Sequoia Capital India Fund II) reaffirms confidence in the company by reinvesting in the new round
- Funds to be used for innovations in mobile payment solutions and increasing footprint in global markets
- “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.
Mumbai, 9 December, 2013: Citrus Payment Solutions Pvt. Ltd. today announced a new round of funding by a consortium of investors with deep experience in payments and ecommerce market. The funds will help Citrus increase its lead in the merchant payment solutions market, especially in mobile, and go forward with its plans for expansion into international markets.
The new round includes investments from:
- econtext Asia (a leading online payment service provider in Japan with growing overseas presence through joint ventures in China and Indonesia),
- Beenos (the global incubation and investment wing of a Japanese ecommerce leader, netprice.com)
- Sequoia Capital (portfolio includes Paypal, Alipay, Stripe, Klarna, Greendot, Apple, Google, Yahoo, and Cisco)
“Having founded and invested in several payment companies, marketplaces, and ecommerce companies over the last decade, I strongly feel that Citrus has the right solutions to be the perfect payments partner for merchants and payment related service providers. This team has the vision and the drive to execute and win”, says Mr Teruhide Sato, CEO, netprice.com, Ltd.
“We see a great potential in Citrus and value their capabilities in providing innovative and quality solutions to the ecommerce society. We consider that the online payment solutions Citrus provides are in-line with and complementary to the e-commerce solutions and online payment services we provide. As a team, we are excited to work together with Citrus to penetrate the online payment service market in Asia”, says Mr. Takashi Okita, CEO, econtext Asia.
Mr. Mohit Bhatnagar, Managing Partner, Sequoia India, added, “I am excited to see Citrus take the next step towards achieving its vision in digital payments. We have believed in them since their early days. Our new international partners will help us accelerate our mission to make this a disruptive global payments company.”
“The team at Citrus has worked hard since launch and gone from 278 transactions in our first month in January 2012, to handling over 1.5 million transactions today and has a merchant base of 1000+ Digital businesses on mobile and desktops. 2014, for the Citrus team, is all about providing our customers with newer solutions and better service." said Mr. Jitendra Gupta, CEO and Founder, Citrus Payment Solutions Pvt. Ltd.
“Our focus is on creating fresh, Intelligent, simple and trustworthy payment solutions. This new tranche of funding and the pedigree of our investors is a strong reaffirmation of our vision and a strong testament to the hard work of the entire Citrus team. We plan to use this as a launch pad to accelerate the Asian digital payments revolution. Our roadmap includes several innovative solutions, especially on mobile, that will excite consumers and merchants alike” added Mr. Satyen V. Kothari, Chairman and Founder, Citrus Payment Solutions Pvt. Ltd.
About Citrus Pay
Citrus was founded in 2011 by a group of software design and finance professionals who saw space for simplification and innovation in the world of payments in Asia.
This has resulted in the company building three business lines – payment processing (including Netbanking, Cards, EMI, COD and rules engines), enterprise payment SaaS solutions (success rate optimization, multi-platform payments, analytics) and consumer payment services (online/mobile e-wallet and p2p payments).
In addition to handling various payment modes seamlessly across devices, Citrus provides innovative solutions for emerging market problems, such as unreliable infrastructure that results in lower success rates and consumer dissatisfaction. It is also in the forefront of the Asian mobile ecommerce revolution in payments to tackle the unique needs of these markets, and boasts of marquee customer names in its portfolio.
Citrus solutions power Android apps, iOS apps, Windows apps, and responsive web checkout systems for a 1000 plus merchants. Its customers include Indigo Airlines, Airtel, Sun Direct, Shine, Reliance Entertainment, Abhi Bus, Zivame, EasyCabs, Delhi Metro, Delhi Jal Board, DDA, and Healthkart.