EbixCash Wins 3 -Year Contract from Amritsar International Airport

Rhea-AI Summary

EbixCash Limited, a subsidiary of Ebix (NASDAQ: EBIX), has secured a contract with the Airport Authority of India to operate money exchange services at Amritsar International Airport. This strategic move will enhance foreign exchange services for international travelers, particularly benefiting NRIs and tourists. EbixCash World Money boasts a strong presence with over 81 retail branches, partnerships with 250 franchisees, and operations in more than 16 international airports, solidifying its leadership in the Indian forex market.

Positive

• Secured contract with Airport Authority of India to operate money exchange at Amritsar International Airport.
• Strengthened market presence through exclusive forex partnership with the Golden Temple.
• Possesses a vast network of over 81 retail branches and 250 franchise partners.

Negative

• None.

NOIDA, India and JOHNS CREEK, Ga., Sept. 29, 2022 (GLOBE NEWSWIRE) -- EbixCash Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that its Foreign Exchange Division - EbixCash World Money, has won the Airport Authority of India contract for operating money exchange business at the prestigious Amritsar International Airport.

Famous across the world for Sri Harmandir Sahib, popularly known as "the Golden Temple," one of Sikhism religion's most spiritually significant and most-visited religious places, Amritsar attracts tourists from across the world in large numbers. Amritsar is also home to Jallianwala Bagh, a historical Garden wherein a massacre involving the killings of hundreds of Indian civilians took place on 13 April 1919, on the orders of British Colonel Reginald Edward Harry Dyer – making it a tourist destination etched in memory of every patriotic Indian across the world. Amritsar is also considered the economic capital of the state of Punjab in India.

“We are excited to be formally launching EbixCash Money Exchange counters at Amritsar International Airport, towards offering a new customer experience for international passengers travelling from and into Amritsar.” T C Guruprasad, Managing Director, EbixCash World Money said. “The Forex counters at Amritsar airport will allow passengers to avail foreign exchange services in the most convenient hassle-free manner. We are already exclusive foreign exchange partners to the Golden Temple – Harmandir Sahib, Amritsar for over a decade now. This Airport presence along with the Golden temple partnership, will allow us to cohesively address the needs of tens of thousands of NRIs and tourists from across the globe who travel to the great city of Amritsar.”

EbixCash World Money, the foreign exchange division of EbixCash Limited holds a leadership position in foreign exchange business in India, with a vast network encompassing 81+ retail branches, 250 franchisee partners and duty-free shops, 27+ bank clients, 1200+ corporate clients including top fortune 500 clients and 5-star hotels in India. EbixCash World Money is also a leading player in India’s airport and seaport Money Exchange business with retail kiosks in 16+ international airports, and 12 seaports.

About EbixCash

With a "Phygital” strategy that combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia as of December 31, 2021, to an Omni-channel online digital platform, the Company’s Financial exchange portfolio of software and services encompasses domestic and international money remittance, foreign exchange (Forex), pre-paid gift cards, utility payments, travel services and technologies for insurance, bus information systems, lending and wealth management across 75+ countries including India. EbixCash has Forex operations in approximately 16 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata. EbixCash is a leader in the international remittance business based on gross transactional value. EbixCash, through its travel portfolio (Via.com and EbixCash.com), is one of the leading travel exchanges based in India and catering to Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients. EbixCash's financial technologies business offers software solutions to various clients in the areas of wealth, asset and lending management, insurance and bus information systems. EbixCash's business process outsourcing services provide information technology and call center services to a variety of industries. For more information, visit the Company’s website at www.ebixcash.com

Disclaimer:

EbixCash Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India. The DRHP is available on the website of the SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, Equirus Capital Private Limited at www.equirus.com, ICICI Securities Limited at www.icicisecurities.com, SBI Capital Markets Limited at www.sbicaps.com and YES Securities (India) Limited at www.yesinvest.in, respectively, and the websites of the stock exchange(s) at www.bseindia.com and www.nseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, see "Risk Factors" of the RHP, when available. Potential investors should not rely on the DRHP for any investment decision.

About Ebix, Inc.

With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.

Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com

CONTACT:

Satish Sapru

satish.sapru@Ebix.com or +91 99990 13426

Darren Joseph

IR@ebix.com or +1 678 281 2027

David Collins or Chris Eddy, Catalyst Global

ebix@catalyst-ir.com or + 1 212-924-9800

FAQ

What recent contract did Ebix (EBIX) secure regarding foreign exchange services?

EbixCash Limited secured a contract to operate money exchange services at Amritsar International Airport.

How does EbixCash's position in the forex market impact its growth?

EbixCash holds a leadership position in India's forex market, enhancing its growth potential through expanded services.

When was the contract for Amritsar International Airport announced?

The contract was announced on September 29, 2022.

What is the significance of the Golden Temple partnership for EbixCash?

The partnership allows EbixCash to serve tens of thousands of NRIs and tourists, strengthening its market reach.