Lightspeed Venture Partners leads Rs 50 cr investment in ItzCash Card


BS Reporter / Mumbai July 22, 2009, 15:28 IST
 
Lightspeed Venture Partners, a global venture capital and growth equity firm, has led an investment of Rs 50 crore in Itz Cash Card, 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, Bejul Somaia, managing director, Lightspeed Advisory Services India Private will be joining the board of Itz Cash Card.

“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 $10 million from Matrix Partners and Intel Capital. Both the existing investors are also participating in this round,” said Ashok Goel, chairman, ItzCash Card.

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.

Bejul Somaia, managing director, Lightspeed Advisory Services India said, “We believe there is significant growth potential for this product given that cash accounts for approximately 97 per cent 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.”

Lightspeed manages $2 billion of committed capital and invests across the US, China, India, and Israel. It is currently investing out of Lightspeed VIII, an $800 million fund raised in early 2008. Lightspeed has invested in direct and cross-border Indian companies since 2004, and has an Indian advisory team with offices in Bangalore and New Delhi.
 
Link:
http://www.business-standard.com/india/news/lightspeed-venture-partners-leads-rs-50-cr-in vestment-in-itzcash-card/68531/on