Citrus Solutions has raised $25M in series C funding led by PE firm Ascent Capital and early investor Sequoia, with support from existing Japanese investors. The current funds raised by the company aim to bring innovations in merchant payments and mobile payments. In December 2013, the company raised about $5.5 million from econtext Asia Ltd., a Japanese online payments firm, and Beenos Asia Pte Ltd., a subsidiary of Japanese e-commerce and incubation company Netprice, with participation from existing investor Sequoia Capital. With this round of funding, the total funds raised by the company stand at $32.3M.
The company is led by Amrish Rau, and founders Satyen Kothari and Jitendra Gupta. The company claims to process 12 million transactions per month with an average ticket size of around Rs. 600 a day. It has over 5,000 merchants and 15 million registered users, of which about 3 million are active users. “We process more than four lakh transactions a day compared to about 300 in January 2011 when we started operating,” B Amrish Rau, MD of Citrus Pay, said to PTI.
Apart from focusing on merchants that deal in high-value transactions, the company is servicing hyper-local and small businesses. Citrus operates on both consumer and business side in the payments space. Airtel, IndiGo, Sun Direct, Tata AIA, Fun Cinemas, Pepperfry, Grofers and TinyOwl are among its clients. The firm charges a 2.5% transaction fee from the merchants. Currently, the firm is focusing on merchant payment services, consumer wallets and its direct-to-consumer app Cube, a personal payments manager that tracks, pays and reminds users of their bills. Recently, the company has launched Project Flight for merchants, a payment gateway that allows users to complete the purchase process through its platform. Its striking features include libraries for all languages, support for Web, iOS and Android and Windows Phone. It also supports all third-party apps and accepts all major debit and credit cards, net banking and Citrus Wallet.
Citrus Payments aim at expanding the digital payment adoption in India, which is in view with the PM’s Digital India initiative. Recently, Qwikcilver has tied up with Citrus Pay to enable its users to pay with the Citrus wallet in online and offline stores across categories like food, travel and entertainment. The company has teamed up with Meru and other online firms for a seamless checkout.
About Ascent Capital:
Ascent Capital is a leading India-focused independent private equity firm. Over the past 15 years, the company has helped over 55 entrepreneurial teams build leading businesses across diverse sectors such as technology, e-commerce, healthcare, financial services, consumer brands, infrastructure, etc. They currently manage $600 million across multiple funds. Ascent Capital is focused on growth capital, and the typical investment through funds ranges from $10 million to $30 million.
About Sequoia Capital:
History has witnessed Sequoia; one of the oldest and largest venture capital firms in the world. Sequoia has invested in the likes of PayPal, Stripe, Square, Google, WhatsApp, Micromax, Evernote and more.