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Launched in 2005, ItzCash Card Ltd., is India's first ever "Multi Purpose Prepaid Cash Card company" and the leader in this sector. Introduced by the highly diversified Essel Group - a business conglomerate, having businesses in Media and Entertainment, (Zee Network), Tourism and Amusement, (Essel world & Water Kingdom), Packaging, (Essel Propack), Publishing(DNA), and Satellite entertainment (Dish TV). ItzCash is another successful venture that has innovated the entire paradigm of payment solutions across the web and the mobile. ItzCash Card offers a portfolio of customized e-commerce and m-commerce solutions in the B2B & B2C space. |
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ItzCash Vision |
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To offer safe and easy payment option to every customer for seamless transaction across physical and digital domains. |
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ItzCash Objective |
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ItzCash objective is to introduce multipurpose stored value card of various denomination which can be used to purchase various goods and services from affiliated merchants based on anywhere, anytime concept, which would result in increased sales for all affiliated merchants and better safety and convenience for the consumer. |
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ItzCash Opportunity |
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ItzCash offers opportunities to various business organizations to sell their product, services to consumer without any incremental investment or cist from their side. ItzCash is helping business organizations to expand markets, supporting sales channels convergence with its payments convergence. |
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ItzCash - Milestones of achievements
- Launched in the year 2005
- More than 6 million unique active users and rapidly increasing
- Processes between 50000 ~ 70000 transactions daily
- Processes more than Rs. 60 mn ~ Rs. 80 mn (2.4 mn ~ 3.2 mn) worth transactions daily
- Have won various awards including "Innovative Use of Technology"
- Second largest payment gateway on IRCTC (online railway ticket booking in India) amongst 30 odd payment gateways.
- Processes 3 ~ 4 times more than all debit and credit card processes, for utility bill payments with Reliance Energy and other utility service provider
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+ Board of Directors |
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| Ashok Goel - Chairman |
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Ashok Goel, 45 years, is a Commerce Graduate. Coming from business background and with his visionary and imagination Shri. Ashok Goel has achieved a success person in the corporate sector. He started his career by looking after the family’s trading activities and liaison with the Government Agencies. He later on took charge of Essel Packaging Ltd and turned it to a high raise profit making Company. Essel Propack Limited is the first Indian Company to have a multinational Company outside India. He has good business acumen and is very successful in turning around loss making companies. He has been appointed as a Managing Director of Essel Propack Limited and also acting a member of Investor Grievance Committee of Essel Propack Limited. He has also appointed as a Director in a Group Companies and also other than Group Companies. |
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| Vinod Sethi - Independent Director |
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Vinod Sethi was appointed as an Independent Director of the Company. He has vast experience of the business activities in Corporate Sector. He has achieved success in brining Morgan Stanely Mutual Funds in India. Shri. Vinod Sethi presently on the Board of Chandmama India Limited, KCP Sugar and Industries Corp. Ltd. United Phosphorus Ltd., sethi funds Management Private Limited, Subrx Azvre Ltd. Geodisic Information Systems Ltd, Mount Everest Bottling Co. Ltd. etc. |
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| Bibek Debroy - Independent Director |
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Bibek Debroy is Professor, International Management Institute (Delhi);Research Professor, Centre for Policy Research (Delhi) and Visiting Senior Research Fellow, Institute for South Asian Studies, National University of Singapore. He is also a member of the National Manufacturing Competitive Council and a Contributing Editor to the Indian Express group. He is an economist and was educated in Presidency College (Kolkata), Delhi School of Economics and Trinity College (Cambridge). He has worked in teaching institutes (Presidency College, Gokhale Institute of Politics and Economics, Indian Institute of Foreign Trade), research institutes (National Council for Applied Economic Research, Rajiv Gandhi Institute for Contemporary Studies), government (Department of Economic Affairs and as the director of a project on law reforms), industry (as Secretary General of PHDCCI) and print media as columnist and consulting editor (Telegraph, Business World, Financial Express, Business Standard). He is the author of many books, papers and popular articles and has been listed in several biographies. |
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| Mukund Manohar Chitale - Independent Director |
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Chitale, a fellow member of the Institute of the Chartered Accountants of India is a renowned professional having standing of 32 years & is a partner of Mukund. M. Chitale & Co., an ISO 9001-2000 certified firm. The said firm provides services in the area of auditing, tax consultancy & management consultancy to various banking, insurance & manufacturing firms.
Shri. Chitale is holding Directorship in many renowned Companies viz. Larsen & Toubro Limited, Citi Group Global Services Ltd & Shriram Transport Finance Co Ltd etc. Shri. Chitale is also associated as a member of governing council of Banking Codes and Standards board of India. He is also Chairman of the Ethics committee of Stock Exchange, Mumbai.
In past Shri. Chitale has also served on Boards of ONGC, IDBI Bank Ltd, LIC Housing Finance Ltd., and SBI Mutual Funds Trustee Co. Pvt Ltd etc. Shri. Chitale has held various positions in professional bodies such as President of The Institute of Chartered Accountants of India in the year 1997-98, member of The International Auditing Practices Committee of The International Federation of Accountants from January 1998 to June 2000.
In addition to above, Shri. Chitale has served in various committees such as Member of The Committee for Collective Investment Schemes appointed by SEBI (Dr. S.A. Dave Committee), Member of Working Group on Restructuring of Weak Public Sector Banks appointed by RBI (Verma Committee), Member of Committee on procedures and Performance Audit of Public Services appointed by RBI (Dr. Tarapore Committee).
Shri. Chitale, an avid reader was associated with M.M. Kundnami College of Commerce & Economics & Sydenham College of Commerce & Economics as part time faculty. He has presented papers on subjects such as accounting, auditing, Corporate Governance at various seminars & conferences held at national and international levels.
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| Naveen Surya - Managing Director |
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Naveen Surya, 34 years, is a Graduate and qualified Company Secretary. He also holds Post Graduate Management Degree in Finance. He has rich experience in Information Technology in India and abroad. Before joining Intrex India Limited he was working with Tata Consultancy Service in the capacity of project leader and consultant. With his visionary power, guidance and significant contribution towards formulating and establishing two business module which is pioneer in India viz. Cashless Trade Exchange and Multipurpose Cash Card (Itz Cash Card). |
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| Avnish Bajaj |
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Avnish Bajaj is the co–founder and Managing Director of Matrix Partners India, a $450MM Venture and Private Equity firm. Previously he was the co–founder, Chairman and CEO of India's Largest Online Marketplace – Baazee.com – which was acquired by eBay and currently serves on the Advisory Board of eBay India. Prior to Baazee, Avi was an Investment Banker with the Hi–Tech group at Goldman Sachs in New York and San Francisco. He was also a management consultant at McKinsey & Co. and started his career with Apple Computer in the Bay Area.
Avi currently serves on the Board of Matrix India portfolio companies Yo! China (Chinese fast food chain), itzCash Card (pre–paid cash card business) and Quikr (online local classifieds site). He is also an investor and advisor to Cleartrip (online Indian travel agent),Pangea3 (Legal Process Outsourcing business), Pinstorm (Search Marketing company) and Indus Biotech (Biotech Products Company). Avi is also an active member of various industry forums with a particular focus on Entrepreneurship and also serves on Advisory Boards of the incubator cells at various IIT's and IIM's.
Avi is a Baker Scholar from Harvard Business School, WARF Fellow from University of Wisconsin – Madison and a Top Ranked Graduate in Computer Science from the Indian Institute of Technology, Kanpur. |
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+ Management Team |
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| Naveen Surya - Managing Director |
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Naveen Surya, 34 years, is a Graduate and qualified Company Secretary. He also holds Post Graduate Management Degree in Finance. He has rich experience in Information Technology in India and abroad. Before joining Intrex India Limited he was working with Tata Consultancy Service in the capacity of project leader and consultant. With his visionary power, guidance and significant contribution towards formulating and establishing two business module which is pioneer in India viz. Cashless Trade Exchange and Multipurpose Cash Card (Itz Cash Card). |
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| Anand Kale: Vice President - HR |
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Science graduate with Masters Degree in Personnel Management from Symbiosis institute of Business Management, Pune, India. More than 24 years of Experience in companies like Goodlass Nerolac paints, Bharat Shell, P&O ports etc.. |
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| Devesh Pandya: Chief Financial Officer |
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A qualified Chartered Accountant having 22 years of professional experience in the companies like Ital Thai development CEM Ltd and Hindustan Dorr Oliver Ltd. |
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| Gurpreet Bakshi: Chief Officer Special Project |
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Masters in business Administration (Sydney) with specialization in electronics having 11 years of experience. Has association with companies likes Coke, Airtel, Ranbaxy, Vsnl, Sahara. |
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| Prakash Pawar: Chief Technical Officer |
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Bachelor of Engineering and Master of Business administration with more than 18 years of experience in the companies like Jet Airways and Times of India. |
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| Shekher Srivastava: Vice President Marketing |
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Masters Diploma in Business Administration (Marketing) having 18 years experience in the field of marketing. He has worked with organizations like Mercedes-Benz and Fiat. |
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| Sudhakar K: Vice President Sales & Distribution |
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Masters in Business Administration having 18 years of professional experience in FMCG industry. He had been associated with companies such as Colgate, Pedilite and PNG. |
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+ Investors |
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About Matrix Partners India (MPI)
- Matrix Partners India (MPI), co-founded by Avnish Bajaj & Rishi Navani along with Matrix Partners US, is focused on being the trusted partner in providing risk capital to build market leading consumer services companies. Established in August 2006, MPI is focused on the consumer services businesses targeting the Indian market in sectors including the Internet, Mobile, Financial Services, Hospitality, Food & Beverage, Media & Entertainment, Real Estate & Retail Services, Healthcare and Travel & Tourism. The Company invests $10million+ over multiple rounds with an initial investment ranging from $2million to $10million. MPI also selectively considers larger investments. MPI's focus is on businesses with low to medium capital intensity. MPI does not typically invest in Real Estate and/or Retail Development, Manufacturing and pure outsourcing businesses not focused on the Indian market.For more information on Matrix Partners, please visit www.matrixpartners.in
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About Intel Capital India
- Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$6 billion in approximately 1,000 companies in more than 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2006, Intel Capital invested about US$1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com
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