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Citrus Pay Raises $5.5M Investment From econtext Asia & Beenos Asia

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Digital payments solutions provider Citrus Pay has raised $5.5 million in Series B funding from the Japanese online payments service provider econtext Asia and Netprice.com’s wholly owned subsidiary Beenos Asia with participation from existing investor Sequoia Capital, reports The Economic Times.

The company plans to use the investment raised to develop its mobile payments technology and expand its presence in global markets.

Prior to this, Citrus Pay had raised $2 million from Sequoia Capital last year. Mohit Bhatnagar, Managing Director of Sequoia Capital had told Medianama earlier this year, that this $2 million investment was the first investment tranche with more such tranches expected in the future, however he hadn’t disclosed any specific information on this.

Following this investment, Citrus Pay had launched a payment gateway solution called Citrus Checkout, which allows users to make online payments across Citrus merchant websites, mobile sites and mobile apps. One can sign up for a Citrus account and store their personal and payment information which can be later used on various Citrus merchant sites for making payments, wherein one has to enter only their CVV numbers and the 3D secure password to make the purchase. (more on that here)

Besides this, it also offers an in-app payment gateway solution, which third party app developers can integrate within their apps to let users pay through different modes like Credit Cards, Debit Cards, NetBanking and CoD (Cash on Delivery).

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The company claims to have signed up more than 1,000 merchants including Airtel, Sun DTH, Healthkart, Pepperfry, IndiGo, Fun Cinemas and others. It also claims to have processed 2 million monthly transactions as of November 2013.

Its worth noting that Sequoia Capital had also invested $1 million in Zaakpay in 2012, which offers similar payment solutions to merchants. Other players in this space include Paytm’s Paytm Payments, Naspers’ PayU, and Avenue India’s CCAvenue*. E-commerce major Flipkart had also launched an online payment solution PayZippy in July 2013.

Last month, carrier billing and cross-platform mobile payments company Boku had acquired Qubecell to foray into India while Hitachi had acquired Prizm Payments Services.

*Disclosure: CCAvenue is an advertiser with Medianama.

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