Indian startup Citrus Pay, the digital wallet company has announced it raising $25 million in Series C round of funding from existing investors Sequoia Capital, eContect Asia, Beenos Asia and new investor Ascent Capital. The funding round started a month ago and the funding round has increased the value of the company to $90 – $100 million.
Founded in 2013, Citrus Pay is a payment solutions provider offering its services through three business verticals, payment processing, enterprise payment SaaS solutions and consumer payment services. The company client’s includes Indigo, Go Air and Amazon India and it claims to process transactions worth $1.5 billion annually through these companies.
Citrus Pay offers services like management and payment of monthly bills, tracking of expenses to its consumers. It operates on both consumer and business side in the payments space.
The investment is Citrus Pay is the latest in a series of capital fund raising activity that has taken place in the country’s payments sector and has seen some of the biggest investor globally actively scout for, and pick up positions in Indian ventures. Three of the top digital wallets and payment services have raised big investments. Quite recently, PayTM raised $680 million from Alibaba Group and MobiKwik raised $25 million from Tree Line Asia.