Itzcash

About Itzcash

ItzCash, now part of the EbixCash ecosystem, was established in 2006 as a pioneering force in India's digital payments sector, launched by the Essel Group. The company was founded by Ashok Goel, a serial entrepreneur, and Naveen Surya, who brought his management consulting experience from Tata Consultancy Services to the venture. Goel, observing that the vast majority of Indian transactions were cash-based, identified a critical need for a solution to facilitate electronic payments, especially for the country's large under-banked population. Surya led the company as Managing Director for 12 years, shaping its trajectory as an early mover in the fintech space.

The firm's core business revolves around providing a financial exchange that combines a vast physical retail network with an online digital platform. ItzCash operates on a "Phygital" model, leveraging over 650,000 physical retail outlets, known as ItzCash World and ItzCash Point, across thousands of towns in India. This network allows individuals, including migrant workers and those without formal banking access, to digitize cash, pay bills, remit money, and access a variety of financial services. The business model generates revenue through commissions from merchant partners and service fees, eliminating transaction costs for the end consumer in many cases. Its clients include a wide range of corporations like IRCTC, Flipkart, Uber, and DishTV, for whom ItzCash facilitates customer acquisition and payment collection.

The company's primary product from its inception was a multi-purpose prepaid cash card, available in various denominations for online and offline transactions. This product portfolio expanded significantly over the years to include a digital wallet, domestic and international money transfers, bill payments through the Bharat Bill Payments System, and point-of-sale (POS) terminals. ItzCash also developed partnerships with major card networks like Visa and MasterCard, and numerous banks, to enhance its service offerings. A significant milestone occurred in May 2017 when US-based Ebix Inc. acquired an 80% stake in the company for approximately $120-$123 million, providing a successful exit for early investors such as Matrix Partners, Lightspeed Venture Partners, and Intel Capital. Following the acquisition, ItzCash was integrated into Ebix's broader financial exchange strategy, aiming to converge payments, insurance, lending, and travel services onto a single platform. Naveen Surya departed after the acquisition to pursue new ventures.