Lightspeed Ventures, along with Matrix Partners India and Intel Capital has announced an investment of Rs.500 million in Itz Cash Card Ltd, a multi- purpose pre-paid card company .
Started in 2004, ItzCash raised $10mn from Matrix Partners and Intel Capital in 2007 and 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.
Itz Cash has more than 5000 merchants and is spread across 1800 locations including cities, towns and rural India.
ItzCash has over 20,000 ItzCash franchisees branded as “ItzCash World” and 180,000 outlets in 1800 Tier I & II towns in the country under the brand name “ItzCash Point”.
Lightspeed Ventures closed $800mn last year and their investments in India include Tutorvista, asklaila