Ebix acquires majority stake in ItzCash in a INR800 crore deal

Ebix, an international supplier of on-demand software and e-commerce services to the insurance and financial services industry, has acquired 80% stake in the domestic payments services startup ItzCash in a INR800 crore deal. ItzCash’s primary venture capital shareholders including Matrix Partners, Intel Capital and Lightspeed Venture Partners sold their shares to exit from the startup. Robin Raina, CEO Ebix, commented about the deal stating that “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% 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”.

Founded in 2006, ItzCash migrated from a pure play digital services firm to numerous businesses such as such as remittances, financial services, corporate solutions, point of sale (PoS) terminals and payment gateway. It serves ~75 million consumers and 1,500 plus companies on its integrated payments solutions infrastructure and processes 6,00,000 transactions per day. During FY17, the startup processed payments worth INR14,000 crore through its network.

It already has partnerships with Visa, RuPay, and MasterCard and banks such as HDFC Bank, Kotak Mahindra Bank and RBL Bank. ItzCash works closely with corporates such as Amway, DishTV, Flipkart, BookMyShow, Uber, OYO Rooms, IRCTC, Satin Creditcare Network and others.