Another payment solution, Citrus Pay raises funding of $25 Mn.
Citrus Payment Solutions has raised about $25 Mn (INR 162 Cr) from Sequoia & Ascent Capital and few existing investors in a round of funding. Citrus is, Mumbai based, payment solution startup. Sequoia Capital, eContext Asia and Beenos Asia are among existing investors while Ascent Capital has added as new leading name among funding partners of Citrus.
Japanese early stage strategic investors Beenos Asia and eContext Asia had provided funding of $5.5 Mn to Citrus Payment Solutions 2 years back. Paypal’s founder Peter Thiel was also expected to autonomously invest around $3 Mn in the round.
‘Citrus Cube’ is mobile app, launched earlier this year by Citrus Payment solutions, that lets the user manage and plan personal payment and bills even while working offline.
Citrus Pay Raises Funding : The Gist of Insight
With positive signs of economic reforms and boosting startup ecosystem in the country, it has been indeed golden year for startups to lure the investors and get the maximum out of it. Payment sector has interestingly captivated the investor’s eyes and we witnessed various payment solutions raising huge funding in recent months. PayTm reportedly had raised $680 Mn from Chinese eCommerce giant, Alibaba Group last month. Earlier this month Chillr, the multi-bank mobile payment app, have raised funding worth $ 6 Million (Over Rs 40 Crore) in their Series A round of funding from Sequoia Capital.