ItzCash eyes Rs 5,000 crore biz from the entertainment segment by FY 18
Posted by: Clara Fernandes at 8/18/2016 05:00:00 am
Strengthens Partnership with BookMyShow and dittoTV
§ Undertakes strategic tie-ups to leverage vast market foot print
§ Serving 35 million consumers annually and with 75,000 outlets company aims to unlock growth
August 18, 2016, Mumbai: ItzCash India’s leading digital payments facilitator is betting big on the Indian entertainment industry. The company has inked strategic partnerships with the country’s largest online entertainment ticketing brand – BookMyShow and India’s first Live TV platform – dittoTV.
ItzCash which forayed in the entertainment space nine years ago with satellite cable / DTH recharge for Dish TV, currently garners 20% - 22% of its business from the segment. With the country’s strongest offline network reach, comprising of more than 75000 retail touch points and a dominant play in the DTH & Cable TV segment the company is now vigorously eyeing the Movie Bookings and Mobile TV sectors to drive incremental growth for the next two fiscals.
BookMyShow has added a new Cash Top-Up feature to its ‘MyWallet’ to make it even easier for everyone to transact on their app or website. This tie-up will allow users to recharge their MyWallet by paying cash at the nearest ItzCash World outlet. While in its partnership with dittoTV, the company aims to capitalize on its offline network to offer revolutionary Rs. 20 easy-recharge for monthly subscription.
The company has been witnessing a consistent growth of approx. 40% Y-o-Y in the entertainment sector and is now aiming to grow its current volume for Rs. 3,000 Crore to over Rs. 5,000 crore by FY2018.
Commenting on the partnerships Mr. Bhavik Vasa - Chief Growth Officer, ItzCash said, “India is fast becoming a Digital Country and will soon be the world’s 2nd largest market with 650 million Internet users and 520 million Smart phone users by 2020 as per a recent Google-BGC Digital Payments report. Food and Entertainment sector tops the list of adoption and growth of digital payments.
Our partnership with BookMyShow and dittoTV will benefit the larger sections of the society while enhancing customer experience. While with these tie-ups, our partners will leverage our deep entrenched retail network, we plan to aggressively build on our customer base in the online entertainment industry.”
Marzdi Kalianiwala, Vice President - Business Intelligence and Marketing, BookMyShow, said, “At BookMyShow, we believe in customizing our offerings to address the needs of our consumers. While acceptance for online payments is on the rise, a significant set of users still remain to be apprehensive about it, either due to lack of proper internet infrastructure facilities or security concerns, which prevents them from actively using BookMyShow to meet their entertainment demands. By introducing Cash Top-Up to our ‘MyWallet’, we are eliminating these barriers and extending our services to those who prefer cash as their preferred mode of payment. We are delighted to partner with ItzCash, which will enable users book tickets on the BMS app and website without having to use their credit/debit cards or net banking.”
With a stark change in consumer preferences and a steady growth in disposable incomes over the years, the spend on entertainment has continuously been on the rise. And with India’s Pay-TV poised to grow to $12.3 billion by 2018, ItzCash is targeting an average growth of 42% in its overall revenues through such new services for the Indian consumer.
ItzCash Card Ltd., India’s leading Digital Payments company and part of the Essel Group, was established in 2006. A pioneer in the prepaid payment sector in India, ItzCash initiated the concept of ‘digital cash’ to the Indian consumer and various business entities, heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting its product portfolio offering wide choice of payments and money transfer service having issued 110 million accounts till date. It constantly invests in upgrading technology towards creating world‐class omni-channel payments platforms for the emerging India. ItzCash has presence across consumer segments serving 35 million consumers annually and over 75,000 franchisees branded as “ItzCash World” in 3000+ cities and towns. Backed by marquee investors Matrix Partners, Lightspeed Venture and Intel Capital.
For further details, visit www.itzcash.com
BookMyShow, (Bigtree Entertainment Pvt. Ltd.), is India’s largest online entertainment ticketing platform that allows users to book tickets for movies, plays, sports and live events through its website, mobile app and mobile site. Founded in Mumbai (India) in 1999 and launched in 2007, BookMyShow is now present in over 350 towns and cities across India, currently meeting the entertainment demands of millions of customers. For more information, please visit www.bookmyshow.com.