Sequoia Capital has finally confirmed the $2 million funding in CitrusPay, a payment gateway service. There were reports of the development in mid-2012 but there was no confirmation from both parties.
Mohit Bhatnagar of Sequoia is on the board of CitrusPay. He, alongwith promoters Satyen Kothari and Jitendra Gupta spoke about it to select people from the press today. The amount Sequoia invested is its first institutional round in the company. The money is going into developing technology and hiring suitable talent.
Citrus has a partnership with with 30 banks from India which include majors like ICICI Bank, State Bank of India and HDFC Bank. Citrus aims at making the transaction process better and they claim that checkouts enabled by them take around 3-5 seconds as opposed to the average completion time of 80 seconds. Citrus’s services also work on mobile platfroms like Android and iOS.
Speaking about the funding round, Mohit Bhatnagar had this to say,
“The online payments system in India is broken, with basic success rates of transactions quite low. Plus, there is difficulty in the navigation experience for end-users, with there being way too many forms to fill out, etc. Citrus addresses and marries these two issues.”
This news comes immediately after reports of the VC firm investing $14 million in Healthkart along with Intel Capital. They have yet to confirm this. Sequoia manages funds to the tune of $1.4 billion in the country and has funded around 50 companies in the space of the last 5 years. Their portfolio companies include Cafe Coffee Day, Idea Cellular, Micromax Informatics, IMI Mobile, Freecultr, Capillary, Druva, eClerx, Edusys and others.
Website | Citrus Pay
Story Source | Yourstory