US-based Ebix Commits $100M Fund for Investments & Acquisitions in India
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, Ebix, Inc. provides end-to-end on-Demand solutions ranging from infrastructure exchanges, front end & back end enterprise systems, outsourced administrative & custom software development solutions, and risk compliance solutions for various entities involved in these industries.
US-based Ebix, which recently acquired 80% stake in Mumbai-based fintech firm ItzCash for $120 million, has further committed $100 million fund for investments & acquisitions in India.
Bhavik Vasa, Chief Growth Officer, ItzCash “We have been charging towards our vision and on the path of converging the payment solutions, insurance, lending, domestic & international remittances, travel and other related channels into a single platform as the Enterprise Financial Exchange accessible to both consumers and businesses alike through the length and breadth of the country.”
Robin Raina, Chairman and CEO, Ebix Inc. said, "Ebix has set up an aggressive growth path ahead of itself both in terms of revenues and operating income. We are accordingly committing $100 million fund to this growth path and will not shy away from scaling this investment upwards sizably for the right opportunities."
“I am strong believer in the emergence of India as an economic superpower over the next decade. I intend to lead the strategic vision of Ebix in India myself as we embark on this aggressive path of growth and convergence. I will be supported in this endeavour by a strong leadership team lead by Mr. Ravi Singh and Mr. Bhavik Vasa, who have been leading the company's sales, marketing and operating efforts over the last many years and are further elevated and empowered to lead the charge”, he added.
Robin Raina, Chairman and CEO of Ebix Inc. is focused on driving the overall strategic direction along with existing core leadership team which includes Bhavik Vasa, Chief Growth Officer and Mr. Ravi Singh, Chief Business Officer, will continue to steer the company’s next phase of growth.
An Ebix Group Company, ItzCash Card Ltd., India’s leading Digital Payments fintech was established in 2006. A pioneer in the prepaid payments in India, ItzCash initiated the concept of ‘digital cash’ to the Indian consumer and various business entities, heralding the beginning towards enabling a cashless transacting society. ItzCash continues to build on its innovation augmenting its product portfolio offering wide choice of payments and money transfer service having issued 75 million accounts till date. It constantly invests in upgrading technology towards creating world‐class omni-channel payments platforms for the emerging India. ItzCash has presence across consumer segments serving 35 million consumers annually and over 75,000 franchisees branded as “ItzCash World” in 3000+ cities and towns.
With 40+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums annually on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of domain specific business and technology professionals to provide products, support and consultancy to thousands of customers on six continents.