ItzCash MD Naveen Surya plans own fintech venture

Naveen Surya, who had led ItzCash Card Ltd for nearly 12 years and had recently put in his papers as managing director of the Mumbai-based payments firm, is reportedly planning to start his own venture.

“31 July will be my last day,” Surya told VCCircle, adding that the decision was not sudden. “There was something already going at back of my mind. I was just waiting for the right time and right fashion for it to happen.”

Surya, who had also served as the chairman of Payments Council of India, said there cannot be a better time for fintech in India. “I am ready to start my next journey having completed one end-to-end stint. So, I would rather focus on that. I think it will be interesting going forward to leverage whatever I have done here.”

He, however, did not reveal whether he will launch a startup or join a fintech firm. “I am not saying anything...but whatever it is it will be in the fintech space. There are multiple possibilities and I am looking at all of them right now.”

He went on to add that something will “unfold between Diwali and December”.

Surya’s resignation comes barely two months after US-based software firm Ebix Inc. acquired an 80% stake in ItzCash for $120 million. The acquisition gave an exit option to the company’s former investors Matrix Partners, Lightspeed Venture Partners and Intel Capital.

ItzCash, which is part of media baron Subhash Chandra’s Essel Group, was founded in 2006. The Group has retained 20% stake in the firm.

At the time of acquisition, Ebix had said that it will retain ItzCash’s management team led by Surya. The team includes chief business officer Ravi Singh, chief technology officer Daykin Creado and chief growth officer Bhavik Vasa. But, if a report by The Times of India is to be believed, Ebix is looking to bring its own people at the top.

When VCCircle tried to dig deeper into the reasons behind his resignation, Surya declined to comment. “I would not like to comment on this. It is better I do not say anything.”