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Citrus Payment Solutions has hived off its mobile app Cube as a separate entity with co-founder Satyen Kothari heading the new startup, reports the Economic Times. The publication added that the new venture called Cube Services, will be 100% owned by Kothari and completely independent from Citrus.
Kothari will be investing in Cube with his personal funds and begin looking for investors or additional capital after 12 months. The report also said that Kothari will continue to have a stake in Citrus Payments and will function as a non-executive director. Citrus Payment Solutions’ other co-founders, Jitendra Gupta and Amrish Rau, will continue at the helm of the company.
MediaNama has written to Citrus Payments regarding the development and will update once we hear back from them.
Citrus had launched Cube earlier this year in February and the mobile app was positioned as a personal payments manager that tracks, pays and reminds users of their bills. Payment options on Cube were debit/credit card payments and net banking. The company in October had said that the Cube app sees 10 million transactions every month.
Citrus, which was founded 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.
In October, Citrus raised a series C round of funding led by Ascent Capital and existing investor, Sequoia Capital, with participation from other existing investors, Beenos and eContext Asia. An ET report pegs the Cirtrus funding at $25 million, though there is no confirmation from the company on the amount raised.
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.
In October, Citrus acquired Bangalore-based payments company Zwitch for an undiscloded amount. Following the deal, founders Anish Achutan and Mabel Chacko will be joining Citrus Pay along with the core members of Zwitch. Zwitch provides a payment platform called Zwitch.js which allowed developers to to accept mobile and online payments. It also offers mobile SDKs for in-app payments. The company also has a product called Zwitch Buttn where it will allow blogs to accept payments via pasting an HTML code.