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Itz Cash Card Expects Rs 3000 Crore Turnover In FY11; 8 Million Users

Prepaid cash card Itz Cash announced a couple of days ago that that it had registered a turnover of Rs 2200 crore in the fiscal year 2009-2010, and expects to have hit the Rs. 3000 crore mark for the year ending 31st March 2011 (FY11), growing by 25% across each vertical that it operates in: B2C, Corporate and Franchisee verticals. However, as per filings the company made with India's Registrar of Companies (ROC), for the year ended 31st March 2010, it reported a gross income of Rs 1667 crore, down 2.57% year on year, and a net loss of Rs 6.3 crore, which also dipped compared to the previous year's loss of Rs 9.94 crore. Responding to our query on the difference in numbers, Naveen Surya, MD of Itz Cash explained that transactions for the company's corporate solutions business are…

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