The digital wallet company Citrus Pay, has raised $25 million( about 162 crores) in Series C round of founding from existing investors Sequoia Capital, eContext Asia, Beenos Asia and a new investor Ascent Capital. The funding round which took place about a month ago, has valued Citrus Pay close to $90-$100 million and comes after two years since the last round of funding worth $5.5 million took place.
The company was founded in 2013 and is a payment solutions provider offering its services through three business verticals; payment processing, enterprise payment SaaS solutions and consumer payment services.
The company counts Indigo, Go Air and Amazon India as its clients who use its payment gateway and claims to process transactions worth $1.5 billion on an annual basis through these companies. It provides services such as management and payment of monthly bills, tracking of expenses to its consumers.
The digital payment services sector in India has attracted huge amount of investments this year and three of the top digital wallets and payment services have raised whopping investments. PayTM for example, got backed by Alibaba Group who invested $680 million in the company.
MobiKwik raised $25 million in Series B round led by Tree Line Asia with participation from Cisco Investments, American Express and existing investor, Sequoia Capital. Speculated to be at $400 Million, the Freecharge-Snapdeal deal remains the highest acquisition so far in the Indian startup ecosystem.