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…
- Protecting Personal Data: Where Grievance Redressal Falls Short December 9, 2022
- Latest developments in the ransomware attack on AIIMS-Delhi as it partially resumes server facilities December 8, 2022
- EPoS Systems at 5.33 Lakh PDS Shops in India, But No Response by Ministry on Device Failures December 8, 2022
- How does the new data protection bill affect platform gig workers? December 8, 2022
- Indian Govt to Pay Tariff to Telcos for SMS Alerts, Except Under Disaster Management Act December 8, 2022
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."
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...
New bill narrows focus over predecessors that went heavy on data sovereignty, localisation and compliance. What explains this change?
The Structure and Style of a Dogma Community: Conspiracy theories and organized Twitter engagement on Sushant Singh Rajput
Studying the 'community' supporting the late Sushant Singh Rajput (SSR) shows how Twitter was gamed through organized engagement
Do we have an enabling system for the National Data Governance Framework Policy (NDGFP) aiming to create a repository of non-personal data?
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
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...
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...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
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...