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Ebix Acquires 80% stake in Mumbai-based ItzCash for Rs. 800 crore

ebix acquires itzcash

25 May 2017, India:

One of the leading international supplier of on-demand software and e-commerce services for insurance, financial, and healthcare industries- Ebix on announced an investment of Rs. 800 crore in Mumbai-based payment solutions company ItzCash, as part of a joint venture with Essel Group.

Ebix is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries. Ebix powers businesses in more than 50 countries across six continents.

“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,” Ebix chairman, president and CEO Robin Raina said.

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Founded in 2006, ItzCash is India’s leading digital payments firm, the company has since expanded verticals such as remittances, financial services, corporate solutions, PoS and payment gateway.

“With the new funding in place, we plan to enter into new business areas and segments within the financial sector. Besides, we are planning to expand our reach both in India as well as to the countries where EBix has a presence,” Naveen Surya, founder of ItzCash said adding that the idea is to venture into Brazil to start with.

“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,” said Ebix Chairman, President and CEO Robin Raina.

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