US headquartered Ebix today said it has invested about Rs 800 crore to acquire 80 per cent stake in payment solutions exchange ItzCash.
Ebix is an international supplier of on-demand software and e-commerce services to the insurance, financial, e- governance and healthcare industries.
Founded in 2006, ItzCash is Indias leading digital payments firm, the company has since expanded verticals such as remittances, financial services, corporate solutions, PoS and payment gateway.
With the new investment by Ebix, the company is looking to foray into areas such as credit, insurance, healthcare and investments to accelerate growth momentum going forward, a release said.
“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.
Managing director of ItzCash Naveen Surya said having established “our leadership” across payments, remittances and corporate solutions already, “we will deepen our foray in areas of credit, insurance, healthcare and investments”.