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ItzCash attracts International private equity investment of USD 10 M

Mumbai, India, October 8, 2007 Matrix Partners India Leads the Investment with co-investor Intel Capital ItzCash to utilize the funding to expand the payments market & roll out innovative payment products ItzCash, India’s first multi-purpose pre-paid card, which is part of the One Billion Dollar Essel Group of Companies, today announced closure of approx USD 10 million funding led by Matrix Partners India and co-investor Intel Capital. ItzCash will be using this fund for leading product innovation to expand the payments market. Mr. Ashok Goel, Chairman (Non-Executive), ItzCash Card Limited said, “We are pleased to be associated with Matrix Partners, India and Intel Capital, who support ItzCash’s vision, “To offer a safe and easy payment option to every Indian for seamless transactions across digital and physical domains.” ItzCash India’s first multipurpose prepaid cash card – a smart option to transact on-line and on-mobile has given millions of Indians a unique and secure transaction ability through the Internet and mobile.” Mr. Avnish Bajaj, co-founder and Managing Director Matrix Partners India said, “ItzCash is a unique & innovative product offering from Essel Group, India’s well recognized and leading diversified business group, with a history of pioneering innovative businesses in India. We are delighted to be associated with ItzCash which we believe is strongly positioned at the intersection of a very large pre–paid card issuance and payments processing opportunity in India.” Mr. Sudhir Kuppam, Managing Director, Intel Capital India, Japan, Australasia & South-East Asia, said “Having witnessed the positive impact of prepaid cards on the telecom sector, we believe prepaid cards have the potential to usher in similar growth in the Indian online commerce market. Given the new developments spurring the adoption of prepaid cards, we believe that companies like ItzCash will play an important role in the alternate payments space.” ItzCash – Product features: - An easy payment option - Safe & Convenient - Well suited for micro and macro electronic transactions - Helps consumers to pay utility service bills, telephone bills, mobile top-ups, travel bookings, online shopping for products & entertainment, playing online games, etc - 100% utilization for consumers - 24x7 call centre support - Offers business organizations to sell their product/services to consumers on Direct To Home (DTH) model through Internet, SMS and IVRS About ItzCash Card Limited - Essel Group Company: ItzCash Card, a unique and innovative payment mechanism, is available in denominations from Rs. 100 to Rs. 10,000 through an approx. 100,000 strong pan India distribution network covering more than 500 towns. Current applications across more than 2500 affiliate Merchant partners for online transactions include categories such as Energy bill payments, Telephone bill payments, Travel, Prepaid, PostPaid, Donations, Shopping Gaming, etc.. On-Mobile currently there are approx 10 applications. ItzCash launched in 2003, is part of the truly diversified, Essel Group whose interests spread over businesses in Media and Entertainment, Tourism and Amusement, Packaging, Publishing and Telecommunications. For more information on ItzCash Card Limited, please visit www.itzcash.com About Matrix Partners India (MPI): Matrix Partners India (MPI), co–founded by Avnish Bajaj & Rishi Navani along with Matrix Partners US, is focused on being the trusted partner in providing risk capital to build market leading consumer services companies. Established in August 2006, MPI is focused on the consumer services businesses targeting the Indian market in sectors including the Internet, Mobile, Financial Services, Hospitality, Food & Beverage, Media & Entertainment, Real Estate & Retail Services, Healthcare and Travel & Tourism. The Company invests $10 million+ over multiple rounds with an initial investment ranging from $2 million to $10 million. MPI also selectively considers larger investments. MPI’s focus is on businesses with low to medium capital intensity. MPI does not typically invest in Real Estate and/or Retail Development, Manufacturing and pure outsourcing businesses not focused on the Indian market. For more information on Matrix Partners, please visit www.matrixpartners.in About Intel Capital India: Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing, and cleantech. Since 1991, Intel Capital has invested more than US$6 billion in approximately 1,000 companies in more than 40 countries. In that timeframe, about 157 portfolio companies have gone public on various exchanges around the world and another 187 have been acquired by other companies. In 2006, Intel Capital invested about US$1.07 billion in 163 deals with approximately 60 percent of funds (excluding Clearwire) invested outside the United States. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com

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