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ItzCash Card raises $10.41 Million in second round financing
By siliconindia
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50 crore) in second round of financing. This round of funding was led by Lightspeed Venture Partners and also included the existing investors - Matrix Partners India and Intel Capital. The company will use the funds to expand into new business division including retail payments, reports VC Circle.
The company had raised $10 million from Matrix Partners and Intel Capital in 2007. Established in 2004, ItzCash Card has managed to reach an annual gross turnover of 1,700 crore. The company offers prepaid cards that offer cashless payment solutions for individuals and businesses. The company has tied up with IRCTC for rail booking, Municipal Corporation of Greater Mumbai (MCGM) to aid online payment of property tax and water bills, among others. ItzCash has a network of more than 5,000 merchants.
"We believe there is significant growth potential for this product given that cash accounts for approximately 97 percent of the country's retail payments, which exceed $500 billion," said Bejul Somaia, Managing Director, Lightspeed Advisory Services India, who will also join the board of ItzCash.
The Reserve Bank of India's Deputy Governor K.C. Chakrabarty said that 60 percent of India's population does not have access to formal financial services and that only 5.2 percent of villages have bank branches. So ItzCash also schedules to expand its services for the under-banked or unbanked population of India with this new funding finalized.