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…
