Inside the fintech and financial services bets of Z47

If Paytm was Elevation Capital's early standout fintech bet and Pine Labs was Peak XV Partners', pre-paid card company ItzCash could be considered Z47's winning investment from the first decade of the 21st century, when India's fintech industry was still at a nascent stage.

Z47, formerly Matrix Partners India, was launched in 2006 and became ItzCash's first institutional investor in 2007. A decade later, the company's acquisition emerged as one of the much-talked-about liquidity events in India's venture capital industry, at a time when exits remained few and far between.

The exit for Z47 and other investors came when US-headquartered Ebix acquired the pre-paid card company for $120 million. Z47 reportedly made 3-5x returns on the investment.

Given the nascent state of the fintech market at the time, Z47 also made a few non-tech investments in the broader financial services sector...

Access the Full Report here: Inside the fintech bets of Z47