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 Pune-Based Indus Software Technologies which provides enterprise lending software solutions to financial institutions, captive auto finance and telecom, for approximately $29 million including $5 million of contingent earn out.
- Early this year, Ebix bought its fourth money transfer company in India- Money Transfer Service Scheme (MTSS) business of Transcorp International Limited for $7.4 million. Earlier, it had bought Paul Merchants, YouFirst Money Express Private Limited and Wall Street Finance Limited.
- In November 2017, Ebix had acquired Indian online travel agent (OTA) Via.com for approximately $74.9 million to enter the travel segment, expand geographies and enter South East Asia (SEA) region, and further strengthen Ebix’s position in the Financial Exchange market in India. Ebix had consolidated Via into its own EbixCash platform.
- In November 2017, Ebix also entered into a joint venture with Vara Technology to target IT & BPO Outsourcing in the Financial & Insurance Sector in India.
- The group has a joint venture with the Bombay Stock Exchange for setting up an insurance distribution network.