Citrus Pay secures $5.5 million in second round of funding

Mumbai-based payments company Citrus Payments Solutions announced on Monday that it had obtained a second round of institutional funds totalling $5.5 million from a group of investors. The investors include econtext Asia, a leading online payments provider in Japan, and Beenos, the incubation and investment arm of Japanese ecommerce company netprice.com. 

The startups' existing investor, Sequoia Capital which had put in $2 million in March this year, also participated in this round. Citrus plans to use these funds for more innovation in mobile payment solutions and to expand its global footprint. "Our investors have great expertise to give us strategic inputs and help us through our journey," says Satyen V Kothari, Chairman and Founder at Citrus Payments.

Citrus Payments was founded in 2011 by Jitendra Gupta and Satyen V Kothari and operates three business verticals-payments processing, enterprise payment SAAS solutions and consumer payment services, which includes online payments, mobile e-wallet and peer-to-peer payments. As per Kothari, the company works with a 1,000 plus merchant base now and processes 1.5 million transactions a month.   

Business Today had featured the company earlier in its report on the online payments market , as one of the start-ups competing with larger companies like Billdesk and CCAvenue.