Citrus Payments, a Mumbai, India-based payments technology firm, has raised $5.5 million in funding from a group of investors, Business Today reports. Participants in Citrus Payments' second funding round include econtext Asia, a Japanese online payments company, and Beenos Asia, the investment subsidiary of Japanese e-commerce firm netprice.com.

Business Today said Citrus Payments' existing investor, Sequoia Capital, which had invested $2 million in March, also participated in the second round. The publication said Citrus Payments plans to use the new funds for more innovation in mobile payment technology and to expand its global footprint.

Citrus Payments was set up in 2011 and focuses on three areas: payments processing, enterprise payment SaaS (software-as-a-service) technology and consumer payments services including online payments, mobile wallets and P2P payments. According to Business Today, Citrus Payments has more than 1,000 merchant clients and processes 1.5 million transactions a month. 

Learn more about mobile/digital wallets and money transfer/P2P.