J. Sagar Associates advised and assisted Ebix, Inc. a NASDAQ listed entity, on its acquisition of an 80% stake in Itz Cash Card Limited (Itz Cash). Essel Group, the promoters of Itz Cash, will continue to hold a 20% stake.

The deal size is approximately INR 8 billion.

The transaction involved a purchase of shares from the Essel Group, Matrix Partners, Lightspeed Ventures and Intel Capital Corporation.

The JSA team comprised of Partner – Sujoy Bhatia; Principal Associate – Zain Pandit; and Associate – Adhiraj Gupta. Ebix, Inc. is a leading international supplier of OnDemand software and E-commerce services to the insurance, financial, egovernance and healthcare industries.

Itz Cash is a Financial Exchange for payment solutions that connects 75+ million consumers and 1,500+ corporate partners on its integrated payments solutions platform. With an omnichannel strategy that encompasses a distribution network of 75,000+ physical retail outlets, Itz Cash is recognized as a leader in the prepaid cards and bill payments space.