Citrus Payment Solutions, a company that offers payments solutions including Netbanking, and Credit and Debit Card Gateways, has raised funding from Sequoia Capital. Mohit Bhatnagar, Managing Director of Sequoia has joined the board of the company, following the funding. The company was founded in 2011 by Jitendra Gupta, an investment banker, who has previously worked with ICICI Bank.
Bhatnagar has confirmed the funding to MediaNama, however, he declined to reveal the exact amount of the investment made by Sequoia.
At the time of writing this post, Citrus claims to have partners such as HDFC Bank, SBI, Axis Bank, ICICI Bank, Union Bank of India, Yes Bank, Deutsche Bank, Citibank, Federal Bank, MasterCard and Visa. The site does not provide any specific information about its gateway products except that it offers a choice between hosted and embedded solutions, and the claim that it has best in industry success rates, supports second factor authentication and integration with other payment options. The company also offers Email invoicing solutions. There’s a form for prospective merchants, following which the company would suggest a suitable offering. When we checked, the site didn’t have detailed terms and conditions.
According to the Citrus website, its partners include Riya.travel, Yebhi.com, SkoolShop, BeStylish.com, TicketNew.com, ManoramaOnline.com, HealthKart.com, HostIndia.net, and Indiatimes Shopping. We’re not sure if that means that all of these sites have deployed the company’s payment solutions.
Online payment solutions in India: There are a number of payment gateway options available to online merchants in India including EBS, CC Avenue and BillDesk in addition to large private banks like HDFC, Citibank and ICICI, with Paytm’s Paytm Payments and Nasper’s PayU being the recent ones to join-in. However, it would all depend on the success rate per transaction, security, ease of integration and payment options offered, to gain traction. The per transaction pricing will also have to be competitive, specially for new entrants- so it might be a good time to enable payments on your site, if you’ve been thinking about it for a long time.
Sequoia also invested in Zaakpay: Interestingly, Sequoia had also invested $1 million in Delhi based online payments company, Zaakpay. In an interview with VC Circle, Zaakpay co-founder, Upasana taku had said that the company was using the funding to scale up its operations. It offers a Webpay, an online payment product that offers online merchant integration and supports debit and credit cards, with 10 merchants on board.
We wonder why Sequoia chose to include two payment companies in its portfolio. What do you think?