Citrus Pay, the rapidly growing Mumbai based digital wallet startup, has clocked in a staggering $3Bn in Gross merchandise Value (via ET). The acceleration came in primarily from its recently concluded Citrus Shopping Festival, which saw company clocking $2.5 Bn in GMV.
And the company isn’t just stopping at that figure. Now, after this week long shopping festival, where its partners offered discounts and cashback, the company is projecting to reach a gargantuan $4 billion in GMV by the end of this financial year. Don’t get swayed away by these figures though, as GMVs are never really the right stats to figure out the progress made by a company.
Jitendra Gupta, Managing Director, Citrus Payments Solutions, said,
After the Google Online Shopping Festival stopped, players in the eCommerce space, like us, who do not have the muscle power of Amazon and Flipkart, had to fill the gap to direct traffic to our sites. This festival helped us tie up with more partner merchants and acquire more customers.
During this festival week of cashback and discounts, the company has processed over 1 million transactions and reached $30 million in cumulative deposits in individual wallet accounts. Citrus Pay has also added 1 million new wallet customers on its platform.
According to Jitendra Gupta, more than 30 eCommerce companies, such as ShopClues, eBay, Grofers, Quikr, TinyOwl, etc. had partnered with them for the festival week. All those company gave around Rs. 50 crore in cashback to the company’s wallet, he claims.
While all that is good, the biggest miss for Citrus Pay has been the rejection of its application with RBI for a payments banking license. The company however, is assured of receiving one, as and when the Reserve Bank asks for fresh applications.
Citrus Pay has been working on offering something unique to increase its user base, largley in a bid to differentiate itself from the likes of PayTM and other similar digital wallets coming up. The company will be coming up with many more shopping festivals as it tries to reach the target of $300 million in cumulative deposits in individuals’ wallet.
The startup recently nabbed $25 million in its Series C round from Sequoia Capital, Ascent Capital and others. A couple of months ago, the company had also acquired a payment platform named Zwitch in order to venture into fresh verticals. Recently, it also partnered with RuPay and Visa to deepen its presence in payment space.