Japanese internet company Netprice.com (TSE:3328) announced today that its Singapore-based investment arm, Beenos Asia, has invested in Indian payment processor Citrus. The investment was jointly made with Hong Kong-based econtext Asia (1390:HK), a payments solution company under Digital Garage (TSE:4819). Specific financial details of the investment are not disclosed.
India is showing rapid growth in internet businesses these days, and broadband internet has been growing at an annual rate of 25% as of early 2013 . The e-commerce market in India is growing by over 30% every year , and that trend has been helping Mumbai-based Citrus grow rapidly, as it provides e-commerce platforms and public service providers with credit card payments, bank transfers, debit payments, cash on delivery, and installment payments.
Through this partnership, Netprice.com expects to stay ahead e-commerce trends and payment needs in the region. Our readers may recall that the company also recently invested in Turkish payment processor Iyzi Payments back in July, and made a joint investment in Jakarta-based payments processor PT MidTrans last year in partnership with Digital Garage.
Citrus was founded back in 2011 by a group of software, UX, and finance professionals. They raised series B funding worth $5.5 million from Sequoia Capital earlier this month, following the previous $2 million in funding from the investment firm back in March.