ItzCash Gets $10 Million From Matrix Partners India, Intel Capital

Original article here : http://www.vccircle.com/2007/10/11/itzcash-gets-10-million-from-matrix-partners-india-intel-capital/

Essel group company ItzCash, a multi-purpose pre-paid card, has landed $10 million funding from Matrix Partners India and co-investor Intel Capital. ItzCash will be using this fund for leading product innovation to expand the payments market, a release said. ItzCash is part of the $1-billion Essel Group (Zee Television group). This is probably the first instance of VCs funding a company started by a big business group.
It’s considered India’s first multipurpose prepaid cash card having entered the market in 2003. The card can be used to transact online as well as on mobile. It is available in denominations from Rs 100 to Rs 10,000. The company has more than 2500 affiliate merchant partners for online transactions for categories such as energy bill payments, telephone bill payments, travel, prepaid, postpaid, donations, shopping, gaming and so on.