Business
Indian payments startup Citrus eyeing 1M transactions per month
Just months after raising US$2 million from Sequoia Capital, startup Citrus has doubled its number of daily transactions to 27,000 and is on track to raise this by another 20 percent in June.
Indian startup Citrus is on track to process over one million payments in June with its online checkout system, gaining further traction after getting a US$2 million fund injection.
In March, the firm raised the investment from venture firm Sequoia Capital, which previously invested in PayPal and eBay. Citrus will use the fund to complement and enhance its portfolio of seven payment products.
Citrus founder Jitendra Gupta told ZDNet that daily transactions have doubled over the past few months, from about 14,000 per day in April, to about 27,000 in May or 810,000 per month. The two-year-old company is expected to hit the one million monthly transaction milestone in June, Gupta said.
There are almost 200,000 online shoppers using the Citrus checkout system to buy their goods at over 600 merchants. The Mumbai-based startup charges a fee for every transaction, however he declined to disclose.
Consumers can sign up on Citrus Checkout by entering their personal and financial information online. They can then use their account to purchase goods at participating websites.
The Web site claims to provide a two-click checkout. Gupta added the service aims to build trust, safety, and convenience in order to break down Indians' cultural aversion to buying goods online.
"Our model of providing convenience to consumers results in less friction in online payment. Why should a consumer suffer and enter personal and payment data again when he or she may have to make 10 payments every month," Gupta said.