Digital payments company ItzCash has decided to pursue ‘inorganic growth’ and is now eyeing acquisitions in the payments and other financial services space, a top company official said. This change in strategy to adopt ‘inorganic’ route for growth comes on the heels of Rs 800 crore deal that led to Nasdaq-listed Ebix Inc picking up 80 per cent stake in ItzCash. “The strategy on going inorganic for growth is completely new one.We have already met 20 players since the time we closed the deal with Ebix Inc,” Naveen Surya, Managing Director, ItzCash told BusinessLine here.
ItzCash will be ‘lot more choosy’ on acquisitions in 'Payments' space, Surya said, adding that it is other areas such as international remittances, credit and insurance that ‘excites us’. “I always thought that at some stage we (ItzCash) will be the player that will help consolidate the payments market.I think now is the opportunity we have created for us,” he added.
Surya said that ItzCash was till recently focused on building things in an organic manner. However, with Ebix now gaining control and being a global listed player, ItzCash need not be on an organic path alone, he said. “We can now be fully aggressive on M&A path and grow things organically,” Surya said.
On the remittances front, ItzCash will soon launch an 'international remittance' product, Surya said. “This international remittance product could happen in next six months or even earlier, We have started remittance in a small way.We will go more aggressive in remittances,” he said.
Currently, ItzCash focuses on payments, remittances and corporate solutions. With Ebix taking control, ItzCash is now looking to diversify into insurance, healthcare and investments. Ebix is presently in 40 countries including Brazil, Canada, New Zealand, Singapore, UK and US among others.
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