MAM
ItzCash gets bullish on DTH, cable, movie and mobile bookings
MUMBAI: Essel group company and digital payments facilitator ItzCash generates around 20 per cent to 22 per cent of its Rs 3,000 crore business from satellite cable / DTH recharge by subscribers for Dish TV. Now the company has set itself a scorching growth target of 42 per cent per annum as it bids to notch up business worth Rs 5,000 crore by 2018.
It is banking on the rapid growth in pay TV subscriptions, its new strategic partnerships with India’s largest online ticketing entertainment brand Bookmyshow, mobile bookings and Zee TV group’s on the go OTT platform dittoTV to help it get to that target.
BookMyShow has added a new Cash Top-Up feature to its ‘MyWallet’ to make it even easier for everyone to transact on the app or website. The partnership allows users to recharge their MyWallet by paying cash at the nearest ItzCash World outlet. While in its partnership with dittoTV, the company aims to capitalise on its offline network to offer revolutionary Rs 20 easy-recharge for monthly subscription.
Says ItzCash chief growth officer Bhavik Vasa, “Our partnership with BookMyShow and dittoTV will benefit the larger sections of the society while enhancing customer experience. While with these tie-ups, our partners will leverage our deep entrenched retail network, we plan to aggressively build on our customer base in the online entertainment industry.”
ItzCash has a presence across various segments serving 35 million consumers having 110 million accounts and over 75,000 franchisees branded as “ItzCash World” in 3000 plus cities and towns.
To be fair, the company has been growing at 40 per cent per annum year on year in the entertainment sector. And that’s what’s making Vasa that much more confident.
Says he: “ India is fast becoming a digital country and will soon be the world’s second largest market with 650 million internet users and 520 million smart phone users by 2020 as per a recent Google-BGC Digital Payments report. The food and entertainment sector tops the list of adoption and growth of digital payments.”
Adds BookmyShow vice-president business intelligence and marketing Marzdi Kalianiwala: “At BookMyShow, we believe in customising our offerings to address the needs of our consumers. While acceptance for online payments is on the rise, a significant set of users still remain to be apprehensive about it, either due to lack of proper internet infrastructure facilities or security concerns, which prevents them from actively using BookMyShow to meet their entertainment demands. By introducing Cash Top-Up to our ‘MyWallet’, we are eliminating these barriers and extending our services to those who prefer cash as their preferred mode of payment. We are delighted to partner with ItzCash, which will enable users book tickets on the BMS app and website without having to use their credit/debit cards or net banking.”
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
