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Private equity firm Sequoia Capital has invested $ 2 million in Citrus Pay, an Indian online payment solutions provider. Sequoia, that has a corpus of $1.4 billion in India, has made the first tranche investment in the Mumbai-based tech start-up. It also has investments in PayPal, the payment gateway of Ebay. Citrus Pay plans to use the proceeds in launching new products, services and innovations. Founded in 2011, Citrus Pay aims to solve the challenges plaguing the Indian ecommerce market when it comes to managing secure and convenient ways of making payments online. Jitendra Gupta, Founder, Citrus, said, “We help merchants improve their success rates by providing a payment gateway management system that reduces drop rates dramatically. Every transaction lost is lost revenue for a merchant, and our solutions reduce every kind of drop factor with a combination of technology, innovation, and user behaviour analysis.” The company has also launched Citrus Checkout, which helps customers make online payments securely across multiple Web sites and mobile phones under all operating systems such as iOS, Android, BlackBerry, and Windows. The simplified checkout wallet already has several users just after four months of launch. Over 200 merchants, including Airtel, RedBus, Sun DTH, Healthkart, Beam Telecom, Future Generali Insurance, Lenskart and Firstcry, are on the network of Citrus Pay.
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