ItzCash parent commits $100 million for investment and acquisitions
26 July 2017 | 2580 views | 0
With the recent investment in ItzCash of $120 million in May 2017, World’s Largest Insurance Exchange, Ebix Inc. further commits $100 million fund to steer the next level growth path for ItzCash.
Bhavik Vasa, Chief Growth Officer, ItzCash “we have been charging towards our vision and on the path of converging the payment solutions, insurance, lending, domestic & 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. We are accordingly committing $100 million fund to this growth path and will not shy away from scaling this investment upwards sizably for the right opportunities."
“I am strong believer in the emergence of India as an economic superpower over the next decade. I intend to lead the strategic vision of Ebix in India myself as we embark on this aggressive path of growth and convergence. I will be supported in this endeavour by a strong leadership team lead by Mr. Ravi Singh and Mr. Bhavik Vasa, who have been leading the company's sales, marketing and operating efforts over the last many years and are further elevated and empowered to lead the charge”, he added.
Bhavik Vasa, Chief Growth Officer, ItzCash said “Ebix foresees India as a huge potential market and wants to drive the next phase of transition with ItzCash which speaks volumes of the brand that we have built over the years. The new commitment further reiterates their faith in ItzCash and the Indian market. With our association, we intend to consolidate the market through a number of strategic acquisitions across sectors by pioneering new and end to end functionalities across channels."
Robin Raina, Chairman and CEO of Ebix Inc. is focused on driving the overall strategic direction along with existing core leadership team which includes Bhavik Vasa, Chief Growth Officer and Mr. Ravi Singh, Chief Business Officer, will continue to steer the company’s next phase of growth.