ItzCash eyes Rs4,000 crore revenue in FY 12

Essel Group's pre-paid payment solutions provider ItzCash is eyeing Rs4,000 crore revenue and plans to ramp up its retail network under the brand name 'ItzCash World' to 1 lakh outlets in FY 12.

Itz Cash Card is a prepaid cash card instrument and operates across three business verticals - B2B, B2C and franchisee.

 "We plan to increase our franchise network to 1 lakh from the present 45,000 under the brand name 'ItzCash World', ItzCash managing director Naveen Surya told PTI here.

The company clocked Rs3,000-crore revenue last year and is eyeing Rs4,000 crore this fiscal, he said.

"The retail sector is lucrative and rapidly-growing and we are ideally-positioned to tap its potential. People want to buy their daily essential needs online and ItzCash Card will prove of great help to them."

ItzCash has already tied up with Anil Ambani's Reliance Energy through which customers can pay their bills through the card online at Itz Cash outlets.

"People are very busy and they have no time to visit offices to pay their bills. ItzCash is targeted at this segment and is the ideal solution for them," he said.

The company recently tied up with DLF Pramerica Life Insurance to increase its customer base.

The company's travel segment is growing fast - while bus tickets booked during October 2010-March 2011 period grew by 150%, the number of air bookings grew by 164% during the same time, Surya said.