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Japanese Firms Invest in Mumbai Based Citrus Payment Solutions

Citrus Pay LogoCitrus Payment Solutions, a Mumbai based company has raised $5.5 mn from Econtext Asia and Beenos Asia, two Japanese companies. Sequoia Capital, an existing investor also participated in the round (source).

The company had raised Rs $1.8 mn from Sequoia last year.

Econtext Asia is an online payments company from Japan and Beenos Asia is a subsidiary of Netprice, the Japanese e-commerce company.

Citrus is a payment solutions provider which is trying to make digital payments and online checkout easier. The company was founded in April 2011 by Satyen V Kothari and Jitendra Gupta. It crossed 100,000 transactions in a month in November 2012. In July the company received approval from the Reserve Bank of India to operate digital wallets. Last month, the company said it processed 2 million transactions.

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