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US-based insurance exchange and investment firm Ebix has committed to invest an additional $100 million in Indian fintech and payments solution provider ItzCash. Earlier in May, Ebix had picked up about 80 per cent stake in ItzCash for about $120 million (Rs 800 crore).
According to Ebix, the fresh funding will be used to expand operations at the Mumbai-based fintech firm and also to fuel its growth inorganically through acquisitions. The funding also came in two days after ItzCash’s founder Naveen Surya quit the company after selling all his stake.
Bhavik Vasa, chief growth officer, ItzCash, said, “We have been charging towards our vision and on the path of converging the payment solutions, insurance, lending, domestic and international remittances, travel and other related channels into a single platform as the enterprise financial exchange accessible to both consumers and businesses alike through the length and breadth of the country.”
Robin Raina, chairman and CEO, Ebix Inc, said, “Ebix has set up an aggressive growth path ahead of itself both in terms of revenues and operating income.”