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Faasos signs up with Citrus Pay; to integrate wallet in mobile app

Food on demand restaurant chain Faasos has partnered with payments solutions provider Citrus Pay to integrate the latter's wallet into its mobile app, as an increasing number of mobile-first startups look to reduce their cash-on-delivery burden.

"Food is primarily a cash business, and managing such large amounts can be an issue. We're aiming to be among the earliest food services companies to be mobile first," said Jaydeep Barman, co-founder, Faasos.

A growing number of internet and mobile-first ventures are now opting for digital payments. Apart from Faasos, Citrus Pay has also tied up with hyper local delivery platform Grofers, online grocery delivery venture Localbanya and food ordering app TinyOwl, among others.

"About 40% of our transactions come through the mobile platform, and by the end of this year, mobile traffic should be 60%-65% of our total transactions," said Jitendra Gupta, co-founder Citrus Pay.

According to Gupta, Sequoia Capital and econtext Asia and Beenos Asia-backed Citrus Pay has tied up with about 3,000 vendors, and processes about 6 million transactions per month, with a consumer base of about 15 million.

"75% of our total delivery orders come through mobile, and we're currently doing 5,000 orders through the platform. Strategically, we're a mobile company now," said Barman.

Lightbox Ventures and Sequoia Capital-backed Faasos expects to clock about 1 million orders every month by the end of the current fiscal. The company, which currently has a presence in eight cities, spread over 100 locations, will expand to 20 cities over the same period.

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http://economictimes.indiatimes.com/small-biz/startups/faasos-signs-up-with-citrus-pay-to-integrate-wallet-in-mobile-app/articleshow/47553953.cms