Lightspeed Venture Partners, a leading global venture capital and growth equity firm, has led an investment of Rs.500 million in Itz Cash Card Ltd., India?s largest multi- purpose pre-paid card company, along with existing investors Matrix Partners India and Intel Capital. The investment will be used by ItzCash Card to further expand its product portfolio and diversify its business, including venturing into the retail payments space.
With this investment, Mr. Bejul Somaia, Managing Director, Lightspeed Advisory Services India Private Ltd. will be joining the board of Itz Cash Card Ltd.. The amount invested will help ItzCash Card to scale the existing business and tap new products and market segments.
Speaking on this occasion, Mr. Ashok Goel, Chairman, Itz Cash Card Ltd. said, ?The investment by Lightspeed Venture Partners further validates the strong business model and growth of ItzCash. This is the second round of PE funding that ItzCash has received in the last two years, the previous one being USD 10 million from Matrix Partners and Intel Capital. Both the existing investors are also participating in this round.?
ItzCash prepaid cards offer cashless payment solutions for individuals and businesses across physical, internet and mobile channels by providing a convenient, secure and efficient alternative to cash. Importantly, ItzCash prepaid cards serve as a financially empowering payment instrument for the under-banked or unbanked population of the Country.
Mr. Bejul Somaia, Managing Director, Lightspeed Advisory Services India Private Ltd. said, ?ItzCash Card is a unique and innovative product that offers convenient payment solutions for multiple services. We believe there is significant growth potential for this product given that cash accounts for approximately 97% of the country?s retail payments, which exceed $500 billion. We are impressed by the company?s unique business model as well as its strong growth trajectory and future prospects. The strength and commitment of the management team, the quality of the company?s merchant partners and the reach of the company?s distribution channel, have all helped ItzCash establish a clear leadership position in the non-bank payments industry space.?
Lightspeed Venture Partners’ mission has been to partner with early and growth stage technology companies possessing the vision, energy and integrity required to build large sustainable enterprises. Lightspeed Venture Partners has invested in more than 100 technology companies over the past two decades.