ItzCash gets additional $100 million funds from Ebix
New Delhi: ItzCash, a fintech and payments solution provider, is set to expand operations and step into the next phase of growth with an additional funding of $100 million from US-based insurance exchange and investment firm Ebix, it said in a statement on Wednesday.
Earlier in May, Ebix had picked up about 80% stake in ItzCash for about $120 million (Rs800 crore).
“We have been charging towards our vision and on the path of converging the payment solutions, insurance, lending, domestic & international remittances, travel and other related channels into a single platform as the Enterprise Financial Exchange accessible to both consumers and businesses alike through the length and breadth of the country,” said Bhavik Vasa, chief growth officer, ItzCash.
The funding announcement comes in two days after ItzCash’s founder Naveen Surya quit the company after selling his entire stake. He will serve the company until 31 July.
“Ebix has set up an aggressive growth path ahead of itself both in terms of revenues and operating income. We are accordingly committing $100 million fund to this growth path and will not shy away from scaling this investment upwards sizably for the right opportunities,” Robin Raina, chairman and CEO, Ebix Inc said in a statement.
ItzCash, which is predominantly a player in the domestic remittance space, also runs prepaid cards, is a licence-holder of Bharat Bill Payments System and had also unsuccessfully applied for a Payments Bank licence.
The company operates more than 75,000 retail outlets across 3,000 locations in the country, processing digital payments for remittance, electricity bills, and ticket bookings.