CITRUS WALLET: A Story of a Start Up

Citrus StartUp

Citrus StartUp

How Citrus Began:

Citrus Chairman Satyen Kothari desired that customers must make the price in a shorter time than it takes to dispose of money from the pockets. This made him think of venturing into on-line bills.

The seeds for Citrus have been sown in December 2010 while Satyen Kothari met with Jitendra Gupta, a former ICICI bank officer, at Taj Mahal hotel in Mumbai over a cup of coffee. The duo straight away found out the possibility of working collectively however it took them around six months earlier than they agreed to work collectively on Citrus Pay. They started out the business enterprise 4 months later, in April 2011. Satyen Kothari, who had a historical past of strolling and selling start-ups, introduced inside the initial investment of Rs 16 lakh. They came collectively because both of them understood the troubles within the on-line price gateway and wanted to cope with the hassle as they knew the capacity of boom. The idea originated from trouble statements by way of purchasers approximately troubles concerning fee dropouts and prolonged checkout processes.

How Citrus Work:

 Citrus Work

One can download the Citrus app from the Google play store or Customers needs to sign up at citruspay.com for an account or, load an amount of their preference via credit score card, debit card, or immediately from their bank. Amount may be from as low as Re 1 to as much as Rs 10,000. This app will enable the person to transfer cash to pals, colleagues and circle of relative’s contributors. Founder Satyen Kothari claims to have carried out multiple layers of safety features to shield clients’ credit records. The app is likewise PCI-DSS compliant and adheres to all RBI regulations.

Citrus makes cash from its service provider customers – a fixed percentage of the transaction as charge and a software charge for using the software suite. All offerings for customers are free of price. Citrus cash is currently simplest for any clients, B2B transactions are nevertheless a while away. It could be downloaded from Google Play store and is likewise to be had on all cell browsers and on the web freed from cost.

Contemporary Status of Citrus:

Citrus is among the top 3 players within the payment gateway solutions and controls 8 % to 10 % of the marketplace proportion.

Bill desk and CC road together manage 70 % of the price gateway solutions marketplace. Citrus has tied up with nearly 1,500 traders and is adding a hundred and fifty traders every month.

The business enterprise has grown at 28-30 in step with cent inside the ultimate 5 quarters and has doubled its sales. Citrus earns round to 2.5 % from traders as charge on every transaction, but most of it is going to Visa and MasterCard as its far best a facilitator.

Funding:

funding

Funding changed into in no way a trouble for Citrus. In January 2012, mission capital fund Sequoia Capital invested near $1.8 million inside the employer. It ultimately pumped in more money, taking its overall funding to $3.4 million.

Japanese on-line price organization Econtext Asia and Beenos Asia, a subsidiary of Netprice, a eastern e-trade business enterprise, invested about $4.4 million.

Tie-ups to Boost Growth:

Tie-ups to Boost Growth

Citrus has tied up with Meru Cabs for imparting cashless taxi rides Citrus Pay had secured a prepaid wallet license from the RBI.

Key Customers:

Key Customers

Its customers consist of Indigo airlines, EasyCabs, Airtel, Sun Direct, Delhi Metro, Shine, Delhi Jal Board, Reliance entertainment, Abhi Bus, Zivame, Delhi improvement Authority and Healthkart.

Competitors:

Citrus Competitors

  • One97’s Paytm Payments
  • CCAvenues
  • PayPal
  • ZaakPay (ZaakPay also allows merchants to sign up online)
  • Ibibo Group’s PayU
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