Looking back at the number of developments and events taking place in the Digital Payment industry, there will be no dearth of investors looking to fund ventures. According to the latest happenings in the segment, Citrus Pay has secured Rs. 162 Crore funding from a consortium of investors.
Mobile payment startup, Citrus Pay is looking to have their piece of all the action taking place in the Digital Payment industry. The VC backed firm has raised approximately Rs. 162 Crore in a Series C round. The funding round can be deemed as the latest development in the already red-hot sector in terms of investment pooling. The funding round was carried out amidst a pool of new and existing investors. The participants on paper included Ascent Capital, Sequoia Capital, eContext Asia and Beenos Asia. The clients on Citrus Pay rooster includes Indigo, Go Air and Amazon India. The mentioned companies have been using Citrus Pay’s payment gateway for their transactions. Though still in the nascent stage of developing into a Digital Payment stalwart, Citrus Pay has already started to make their mark in the industry. Entering the field of competition against the likes of Paytm, MobiKwik and FreeCharge, the payment startup has a long way to go. The latest round that closed almost a month ago, values Citrus Pay at $90-100 million. Looking back at the older developments, the company had raised $5.5 million, in a round led by Japanese investors Beenos Asia and eContext Asia. The latest news comes only 3 months after MobiKwik announced that they had raised approx. $25 million from a pool of investors. Citrus Pay’s existing investor, Sequoia Capital was also a part of the round.
Since its inception in 2011 by founders Satyen Kothari and Jitendra Gupta, Citrus Pay has been developing rapidly to firm their feet in the Digital Payment sector. The payment startup provides its services through three business verticals; payment processing, enterprise payment SaaS solutions and consumer payment services. The news can be termed as a continuation of what has been a huge year for Digital Payment players in terms of investment pooling. Looking back at April, Jasper Infotech, the owners of Snapdeal.com had also acquired the mobile and digital recharge company FreeCharge for approx. $400 million. The Snapdeal-Freecharge deal has the onus of being the highest acquisition in the Indian Startup ecosystem so far. One can say, that it’s still early days for Citrus Pay, however, it would be interesting to watch them go neck-to-neck with bigwigs like Paytm and MobiKwik.