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Sequoia invests in India’s Citrus Payments

  • Alvina Yuen
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Sequoia Capital has invested an undisclosed amount in Mumbai-based Citrus Payment Solutions, which offers payment services including online banking and credit card gateways.

Mohit Bhatnagar, managing director of Sequoia, confirmed the news to MediaNama. He has joined the Citrus board as part of the transaction.

Founded in 2011, Citrus provides online bank and card payment solutions, as well as email invoicing services for internet retailers in India. It has reportedly partnered with HDFC Bank, SBI, Axis Bank, ICICI Bank, Union Bank of India, Yes Bank, Deutsche Bank, Citibank, Federal Bank, MasterCard and Visa.

Venture capital investors have shown a keen interest in India's e-payment space because it offers a means of leveraging both increasing internet penetration and growing acceptance buying goods online.

Sequoia Capital is also said to be an investor in Delhi-based online payments company Zaakpay. In April, TA Associates also acquired a minority stake in BillDesk, India's leading online payment services provider.

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