The Foreign Investment Promotion Board (FIPB) has approved a foreign direct investment of Rs 1.06 crore in Oxigen to carry out its business of providing B2B Services such as mobile, DTH & Broadband Recharges, Bill payments, and Travel and Ticketing.

Oxigen owns OxiCash, an e-wallet service that enables users to pay utility bills such as electricity bills, phone bills, insurance premium, magazine subscriptions and booking movie tickets, air tickets, hotels and prepaid recharge such as mobile, broadband, DTH, fixed line and others. The service can be availed across sms, mobile internet and web. The company operates in a partnership with South Africa based Blue Label Telecom. In 2006, the Citibank Venture Capital International had made an investment in the company but now appears to have exited. Key competitors to Oxigen include ITZCash, PayMate and Beam.

The company also offers banking services with State Bank MobiCash, a mobile wallet platform and acts as a banking correspondent for Yes Bank and Union Bank. It claims to have an existing retailer base of over 100,000 retailers and has touched the Rs 500 crore mark within 10 months of its operation.

Among alternate payment modes, Oxicash offers one time use cards which come in the denomination of Rs 50 and Rs 100 and multi use reloadable card which comes in the denomination of Rs.200, Rs.500, Rs.1000, Rs.5000. It has also collaborated with Spice to offer integrated payments for VAS products such as music, voice chat, mobile radio, jokes and others.