Ebix commits $100 million more to grow ItzCash

Earlier in May, Ebix had picked up about 80 per cent stake in ItzCash for about $120 million

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B S Reporter

Last Updated : Jul 27 2017 | 2:00 AM IST

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

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