Mumbai : Ebix, the US-based parent company of fintech firm ItzCash, has committed USD 100 million for investments and acquisitions in the country.
Ebix is an e-commerce service provider that recently acquired 80 per cent stake in ItzCash for USD 120 million. “We have been moving towards convergence of payment solutions, insurance, lending, domestic and international remittances, travel and other related channels into a single platform,” Bhavik Vasa, chief growth officer, ItzCash said, reports PTI.
The company is committing USD 100 million to drive its growth through investments in ItzCash, the statement said. Ebix is focused on driving the overall strategic direction along with existing core leadership team both in terms of revenues and operating income, it said.
Vasa and Ravi Singh, chief business officer of ItzCash are expected to take the company into the next phase of growth. Through the association, ItzCash aims to consolidate the market through a number of strategic acquisitions across sectors by pioneering new and end to end functionalities across channels, Vasa said. Ebix had in May this year bought 80 per cent stake in ItzCash, giving exits to early investors Matrix, Intel Capital and Lightspeed Venture Partners. Essel Group owns the remaining 20 per cent stake in the company.