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


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.

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.

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ