August 8, 2013
Indian Startup Citrus Pay bagged a US$ 2 Million fund injection from Sequoia Capital. Citrus Pay is headed by Satyen V Kothari and Jitendra Gupta. Satyen has worked with companies like Apple and Intuit. Jitendra has worked with ICICI Bank and is a veteran in the Banking Industry
The company started off well by acquiring over 550 merchants in the last13 months and records up to 11,000 transactions per day. Though the funding was bagged last year in March, the public announcement was only made during March, 2013.
The business operations have currently been focused on the Indian market and from a scalability factor, the company plans to go global soon. In the next phase of their operations markets such as South East Asia, Japan & Australia will be targeted.
Cyrus Pay operates on a two – click checkout and offers customer’s features such as security, ease of use and aims to build trust amongst its users. A similar business model has been adopted by the startups in Indian and in the USA where during checkout a user just needs to enter sensitive details once and do a one click check out. Unless Cyrus Pay doesn’t innovate and stand out amongst the rest, their business model has been tried, tested and is currently being operated on by their competitors in India and elsewhere.