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Ebix’s India biz accounts for 55% of revenue in Q2 2019

EbixCash, Ebix's India subsidiary, accounted for 55% of the company's revenues in Q2 2019. Ebix's "explosive growth" over the last year was primarily in India, driven by growth in EbixCash financial exchange business. Insurance exchange channel accounted for 32%, and primarily drove year-over-year revenue increase. EbixCash business grew by 58% and 43% after excluding and including, respectively, revenues from the discontinued e-governance business. Ebix is targeting its IPO for second quarter of 2020, which CEO Robin Raina Raina said last month will be worth a few billion dollars. Between January to June 2019, core EbixCash dividends, payments (including remittances) and forex, grew by 52% YoY, and the financial tech division for travel, insurance, finance, and others grew by 118% YoY. Ebix suspended its e-governance business with BSNL, until the PSU had been adequately funded by the government; as a result revenue fell from $10.2 million in 2018 to almost 200,000 in 2019 Ebix's bus exchange with the Rajasthan government is operational. This will bring recurring revenue transaction fees for sale of tickets for over 5,800 buses. The company made $1.5 million in revenues from the project in Q2. Trucking logistics: Revenue from trucking logistics division Routier was $2.5 million compared to no revenue in Q2 2018. Zillious had a run rate of approximately $1.7 million, and earned revenue of $1.6 million in the last six months. Mercury and Leisure travels had a run rate of $6 million a year from corporate and non-MICE (Meetings, incentives, conferencing, exhibitions) business lines. Mercury…

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