ItzCash attracts int'l private equity invt of USD 10mn

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ItzCash , India's first multi-purpose pre-paid card, which is part of the One Billion Dollar Essel Group of Companies, today announced closure of approx USD 10 million funding led by Matrix Partners India and co-investor Intel Capital. ItzCash will be using this fund for leading product innovation to expand the payments market.  

 

Mr. Ashok Goel, Chairman (Non-Executive), ItzCash Card Limited said, "We are pleased to be associated with Matrix Partners, India and Intel Capital, who support   ItzCash's vision, " To offer a safe and easy payment option to every Indian for seamless transactions across   digital and physical domains".  ItzCash India's first multipurpose prepaid cash card - a smart option to transact on-line and on-mobile has given millions of Indians a unique and secure transaction ability through the Internet and mobile."

 

 Mr. Avnish Bajaj, co-founder and Managing Director Matrix Partners India said, "ItzCash is a unique & innovative product offering from Essel Group, India's well recognized and leading diversified business group, with a history of pioneering innovative businesses in India.  We are delighted to be associated with ItzCash which we believe is strongly positioned at the intersection of a very large pre-paid card issuance and payments processing opportunity in India."

 

Mr. Sudheer Kuppam, Managing Director, Intel Capital India, Japan, Australasia & South-East Asia, said, "Having witnessed the positive impact of prepaid cards on the telecom sector, we believe prepaid cards have the potential to usher in similar growth in the Indian online commerce market. Given the new developments spurring the adoption of prepaid cards, we believe that companies like ItzCash will play an important role in the alternate payments space." 

 

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