ItzCash Gets Funding of Rs 800 Cr from Ebix
US headquartered, Ebix, Inc, a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, announced that it has invested approximately Rs. 800 crores in acquiring a 80 per cent stake in India’s Leading payment solutions Exchange ItzCash.
Naveen Surya, Managing Director, ItzCash said, “We are thrilled to be associated now with a world-leading exchange like Ebix and the opportunities that Ebix’s new investment in ItzCash offers us. This is a testament to our belief and roadmap for growth to deliver comprehensive financial services across emerging India.”
The company is recognized as a leader in the prepaid cards and bill payments space, besides being the only payments solutions player out of all its peers, who is profitable today, while having grown at an impressive CAGR of 35 per cent over the last 3 years.
One of the leading driving force in the digitization of cash across India, ItzCash is a Financial Exchange for payment solutions that connects 75 million consumers and 1,500 plus Corporate partners on its integrated payments solutions superhighway.
With an Omni-channel strategy that encompasses a distribution network of 75,000+ physical retail outlets, the Company today is recognized pioneer & leader in this space. With an industry leading transaction success rate of 99% for approximately Rs. 14,000 crores in payment volume, the company processes approximately 600,000 transactions per day.
Reacting on the investment, Ebix Chairman, President and CEO Robin Raina said “With the youngest tech-savvy society, the largest middle class, a 1.3 billion population, a country committed to going digital and a growth rate of 7 per cent plus, India is an emerging economic superpower today. We are big believers in the power of exchanges and thus have been keen to take an early position in India in terms of powering financial and insurance exchanges.”