Sequoia Capital-backed Citrus Payment Solutions guns for $4B GMV strike rate in FY16
Sequoia Capital-backed Citrus Payment Solutions, which operates online checkout and payment solution Citrus Pay, is looking to double its gross merchandise value (GMV) run rate to about USD 4 billion by the end of the fiscal. The company, which counts Jet Airways, IndiGo, TinyOwl and Faasos among its clients, has a GMV run rate of USD 2 billion. "We process more than four lakh transactions a day compared with about 300 in January 2011 when we started operating", B Amrish Rau, MD of Citrus Pay, told PTI.
This means it's doing roughly 12 million (1.2 crore) transactions per month with an average ticket size of around Rs 600 a day. It has over 5,000 merchants and 15 million registered users, of which about 3 million are active users. "In the next 24 months, we will grow our registered users to 25,000", Rau said. The firm has three focus areas, which include merchant payment services, consumer wallets and its direct-to-consumer app Cube, a personal payments manager that tracks, pays and reminds users of their bills.
Besides focusing on merchants that deal in high-value transactions rather than services like mobile recharge, the company is looking at servicing hyper-local and small businesses. In December 2013, the Mumbai-based company had raised about USD 5.5 million from E-context Asia, a Japanese online payments firm, and Beenos Asia Pte, a subsidiary of Japanese e-commerce and incubation company Netprice, with participation from existing investor Sequoia Capital. Prior to that, it has raised USD 1.8 million from Sequoia Capital in January 2012. Citrus competes with other payment solutions, including One97s Paytm Payments, ibibo Groups PayU, ZaakPay and PayPal, among others.