Indian prepaid cards company ItzCash Card has raised a Rs 100 crore ($16m) investment commitment as part of a bid for a payment bank license.
The funds came from Ashok Goel, the company’s non-executive chairman, who already holds over 60 per cent in ItzCash.
The Reserve Bank of India requires companies applying for a payment bank license in India to have a minimum paid-up equity capital of Rs 100 crore. This latest investment will allow ItzCash to meet this minimum.
The company will continue to operate independently, with Goel’s investment remaining in a personal capacity. ItzCash Card will need to raise additional funding of around Rs 500-600 crore to expand the business if the license is granted, the Economic Times reported.
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