wordpress blog stats
Connect with us

Hi, what are you looking for?

Citrus Pay raises Series C funding from Ascent Capital & existing investors

citruspay

Citrus Payment Solutions has confirmed raising Series C funding led by Ascent Capital and existing investor, Sequoia Capital, with participation from other existing investors, Beenos and eContext Asia. It will use the funds for strengthening its technology and build products for mobile payments. It will also partner with brands to build its consumer and merchant database. An ET report pegs the Cirtrus funding at $25 million, though there is no confirmation from the company on the amount raised.

Citrus currently partners with Jet Airways, PVR, TinyOwl and Grofers. The company says that over 15 million users use Citrus to transact online, and its Citrus Cube app which offers personal bill management, sees 10 million transactions monthly. As of last month, Citrus claims to have 17 million users and a merchant network of 6,000 online businesses.

In December 2013, the company had 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. Earlier that year, Citrus had raised $2 million from Sequoia Capital, while in 2012, it raised an undisclosed amount in seed funding from Sequoia Capital. Mohit Bhatnagar, Managing Director of Sequoia joined the board of the company following the funding.

TinyOwl tie up
Earlier this month, TinyOwl tied up with Citrus Pay to offer a wallet service in the former’s app to make payments and get instant refunds. Harshvardhan Mandad, co-founder and CEO of TinyOwl, said that customers faced ‘major dissatisfaction’ over refund challenges across industries, prompting them to make this move, adding that 30% of its orders were paid for by MyWallet in 4 weeks of launch.

Qwikcilver tie up
Last month, e-gifting platform Qwikcilver 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 wallet, along with Qwikcilver’s existing payment methods, would allow its users to shop across 5,000 offline and online stores via the Woohoo app. Citrus claims to have 17 million users and a merchant network of 6,000 online businesses.

Advertisement. Scroll to continue reading.

Project Flight for merchants
In April, Citrus launched Project Flight, a product for third-party merchants, that let online shoppers complete purchases through its platform. E-tailers could embed the gateway for free on their websites or blogs, to enable payments without navigating away. The platform features libraries for popular languages (PHP, JS etc.) and works on the web, iOS and Android.

In the same month, it tied up with Bangalore based social fundraising platform Milaap to introduce a new feature called ‘Lend a Hand’, which allowed users to lend money to individuals in rural India, and was a part of the new version of the Citrus Cash iOS and Android apps.

Meru Cabs tie up
A year ago, Meru Cabs had tied up with Citrus to release an in-app prepaid wallet to offer cashless taxi rides. Users could load their Citrus wallet through credit or debit card or through net banking. After the ride completion, the fare amount would be automatically deducted from their wallet.

Citrus, which was founded by by Jitendra Gupta in 2011, lists companies like Airtel, MakeMyTrip, PVR, Indigo Airlines, Jet Airways, Fun Cinemas, Delhi Metro, INOX, NIFT, Healthkart, Lenskart, Watchkart, Quickheal, Sun Direct, Tata AIA, Pepperfry, ShopClues, Kidzania, ZoomCar, Zivame, Faasos and Grofers as clients using the gateway platform. It also has tie ups with over 33 banks, with offices in Pune, Delhi, Gurgaon and Bangalore, other than its Bombay headquarters.

Advertisement. Scroll to continue reading.
Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The Delhi High Court should quash the government's order to block Tanul Thakur's website in light of the Shreya Singhal verdict by the Supreme...

News

Releasing the policy is akin to putting the proverbial 'cart before the horse'.

News

The industry's growth is being weighed down by taxation and legal uncertainty.

News

Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.

News

Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ