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EbixCash grows 36% YoY, IPO planned for mid-2020

Ebix posted a 14% YoY increase to $147.2 million in revenue for Q3FY19. This increase would be 17% YoY if revenues from the discontinued e-governance business with BSNL were excluded. The company had booked a bad debt reserve of $12.1 million against receivables from BSNL. Although the Indian government has approved funding for BSNL, Ebix still expects the accounts to be recoverable only after the funding reaches BSNL. The BSNL venture earned EbixCash $2.4 million in revenue in Q3FY18. EbixCash Growth was driven by EbixCash — Ebix's India subsidiary which accounts for over half of Ebix's revenue — that grew at 36% YoY to $82 million, and 42% YoY excluding its e-governance business with BSNL. IRDAI approval for BSE-Ebix insurance exchange: Ebix and BSE have secured IRDAI's in-principle approval for the insurance exchange joint venture to be deployed in India.…

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