wordpress blog stats
Connect with us

Hi, what are you looking for?

India business contributes 44% of Ebix’s revenues at $55.4M in Q2 2018

Nasdaq-listed Ebix, the parent company of EbixCash (earlier ItzCash), is now making 44.4% of its total revenues from its India business. The company reported that its total revenue stood at $55.4 million in the quarter ending June 2018. This has grown significantly as its India business was contributing just 16.4% of its total revenue with $14.4 million in Q2 2017 and $32.9 million (30%) in Q1 2018.  "We are now targeting an annualized revenue run rate of $300 million or more for India, by Q4 2018," said Ebix Chairman, President and CEO Robin Raina in a statement. The group, which operates in segments like software, e-commerce services, insurance, financial, healthcare and e-learning industries, reported revenue growth of 42.6% with $124.6 million at the quarter ending June 30, 2018 (Q2 FY2018).  The revenues were $87.4 million in Q2 2017 and $108.2 million in the preceding quarter.  Ebix's Net Income increased by 25% to $29.2 million, compared to $23.4 million in Q2 2017. The company attributed revenue improvement to the growth in the firm's exchange channel, EbixCash Financial Exchange. Its financial service --EbixCash-- in India providers services like domestic & international money remittance, Forex, travel, pre-paid & gift cards, utility payments, lending etc. Ebix's presence in India It bought two Indian companies in luxury travel space — Mercury Travels , and Leisure Corp — for a cumulative amount of approximately $14.2 million, to create a new travel division, called Mercury. The acquisitions were made through Ebix’s Indian subsidiary, EbixCash- which runs the financial services platform baring the same name. In July, Ebix acquired…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

News

By Soujanya Sridharan and Dr. Sarayu Natarajan Platform work and data: the intersection Every time you use a ride-hailing app, the matching algorithm processes...

News

New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?

News

Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement

News

Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ