Sequoia & Ascent Capital Back Payment Solution Startup Citrus, Invest $25 Mn

Mumbai based payment solutions company, Citrus Payment Solutions, has raised about $25 Mn (INR 162 Cr) from a group of new and existing investors. The round was led by Sequoia Capital, an existing backer of Citrus Payment, and new investor Ascent Capital, with participation from existing investors — eContext Asia and Beenos Asia.

Information about the fund raising first came out in May this year wherein Paypal’s founder Peter Thiel was also expected to invest around $3 Mn in the round in his personal capacity. While more details from Citrus are still awaited, according to ET, the latest round which closed almost a month ago, values the company at $90-$100 Mn.

The round of funding comes almost after 2 years after the four-year-old venture raised $5.5 Mn, in a round led by Japanese early stage strategic investors Beenos Asia and eContext Asia. This year, the company also launched a mobile app ‘Citrus Cube’ which lets the user manage and plan personal payment and bills even while working offline.

The payments sector is seeing a lot of investor interest and activity in recent times. Last month, Paytm, another big player in this segment reportedly raised $680 Mn from Chinese ecommerce giant, Alibaba Group Holding for a 20% stake. Paytm was also one of the 10 companies which were granted licenses by RBI to set up payment banks. Another payments solutions startup Innoviti Payment Solutions raised $5 Mn in funding from former chairman of Infosys, NR Narayana Murthy’s Catamaran Ventures in  July this year.

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