ITZ Cash Card Raises Rs50 Crore To Expand Into New Segments

Itz Cash Card Ltd, part of Subhash Chandra-promoted Essel Group, today said it has raised Rs50 crore in a second round of funding. This round was led by Lightspeed Venture Partners and saw participation from existing investors Matrix Partners India and *Intel* Capital. The company had raised $10 million from Matrix Partners and *Intel* Capital in 2007. Founded in 2004, the prepaid cash card company now has a turnover of Rs1,700 crore, it said in a release. The company will use the funds to expand into new business segments including retail payments. Itz’s cards can currently be used for various services such as railway booking, water bill, property tax, Octroi tax, etc. in various cities.