Citrus Pay raises series C funding from Ascent, Sequoia

BENGALURU: Pegging to be at the forefront in the e-payment industry, Citrus Pay — led by Satyen Kothari, Jitendra Gupta and Amrish Rau — has closed series C funding. The fresh round of funding was led by PE firm Ascent Capital and existing investor, Sequoia Capital. Current investors, Beenos and eContext Asia have also participated in the funding round. This round of funding saw Ascent Capital become the newest investor for Citrus Pay.

The company revealed that this new investment has come in after two years of series B funding, further establishing investor faith in Citrus as a brand. The past few years have witnessed Citrus catalyze smoother payments with faster checkout experiences across merchant categories and payment modes.

According to Citrus, the business has taken a strong stride forward in the consumer sector as well with more than 15 million users already using Citrus to transact online. Citrus ventured into the consumer payments space with the Citrus Cube app; a personal bill management app that sees over 10 million transactions in a month.

Citrus has already dominated the airline, cinema and cab service categories and the funding is a sign of interesting things to come. This round of funds will be allocated to further strengthen Citrus’ technology and to build products that offer a seamless payments experience for the mobile generation. Citrus is already associated with category leaders such as Jet Airways, PVR and popular youth brands such as TinyOwl and Grofers. The coming years will see Citrus join hands with many more valuable brands to build a wider consumer and merchant base, according to a company statement.