ItzCash eyes a top-line of 60 Crore from corporate gifting this festive season
Posted by: Clara Fernandes at 10/19/2016 04:20:00 am
With Digital Gifts trending this festive season; the company aims to drive market leadership with a 100% Y-o-Y growth
Mumbai, 19 October 2016: ItzCash, India’s pioneer and the leading digital payments space, shared a bullish forecast as it eye’s a top-line of INR 550 - 600+ million this festive season from its ‘corporate gifting’ segment. The company is all set to hit north of INR 3500 million for the current fiscal year 16 – 17, clocking a 100% Y-o-Y growth as compared to the last fiscal.
The most happening festive season of the country is just round the corner ushering in a celebration of lights sweets and gifts. However the gifting landscape of the country has undergone a radical metamorphosis weaving in immense convenience within the system and corporate gifting has been no exception.
ItzCash has been leading the ‘corporate gift & incentives solutions’ space already serving more than 2000 clients pan-India annually. Nearly a quarter of its business comes the month leading up to the Diwali Festive season alone!
Commenting on the occasion, Mr. Bhavik Vasa – Chief Growth Officer, ItzCash said, “This year has been particularly buoyant with the bountiful monsoons and the positive market sentiments which is all set to realign the gifting landscape in the corporate world. Customized Digital Gift cards is the flavor of this season with a 2x growth we are all geared up to make the maximum of the bait and are already witnessing a seamless uptake across all industry sectors and leading corporate houses.”
Moving from paper gift vouchers, to plastic gift cards, now the digital format of gift recharges and gift cards is the newest trend. The gift cards industry has been recently picking up significant momentum, and has witnessed a growth of more than 300% over the last year alone. Digital gift is poised to lead this overall growth, which is estimated to cross INR 10,000 crore by FY20.
ItzCash Card Ltd., India’s leading Digital Payments company and part of the Essel Group, was established in 2006. A pioneer in the prepaid payments 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. ItzCash is backed by marquee investors Matrix Partners, Lightspeed Venture and Intel Capital.
For further details, visit www.itzcash.com