EbixCash Wins Prestigious Long-term Contract for Automating and Digitizing the City of Pune’s Bus Ticketing and Fare Collection System

Rhea-AI Summary

Ebix, Inc. (NASDAQ: EBIX) announced that its subsidiary, EbixCash, received a 7-year contract to develop an automatic fare collection system for Pune's public buses. This project will cover at least 2,000 buses and aims to enhance fare ticketing efficiency and revenue control. The rollout of this system is expected to be completed within 3 months, leveraging EbixCash’s Intelligent Transport Management System to minimize revenue leakage and improve operational efficiency. EbixCash currently processes $1.7 billion annually in bus ticketing across 30% of India's network.

Positive

• Secured a 7-year contract worth undisclosed value for Pune's automatic fare collection system.
• Will automate fare collection for a minimum of 2,000 buses, enhancing operational efficiency.
• EbixCash processes $1.7 billion annually in bus ticketing across 30% of India’s network.

Negative

• None.

NOIDA, India and JOHNS CREEK, Ga., Feb. 03, 2021 (GLOBE NEWSWIRE) -- 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 Indian subsidiary EbixCash has been awarded the prestigious order to design, develop, build, install, maintain, operate and transfer the automatic fare collection system for all the buses run by the Government owned transport corporation in Pune, namely Pune Mahanagar Parivahan Mahamandal Limited (PMPML).

EbixCash will implement the end-to-end on-demand bus automation system across a minimum of 2,000 buses in the city of Pune. The initial term of the contract will be 7 years, with EbixCash deploying the platform over the next 3 months.

EbixCash’s Intelligent Transport Management System (ITMS) serves to automate all aspects of fare ticketing and collection, besides providing tremendous upside to a bus corporation, in terms of plugging any revenue leakage, faster services to the end commuters, complete control over bus economics by route in real time, trackability and audit trail of transactions, streamlined MIS and real time data; besides endeavoring to optimize manpower usage across all the buses run by the Corporation.

The end commuters can avoid queues and time wastage while being able to make payments on Smart Cards for their tickets inside and outside the bus.

Robin Raina, Chairman, President & CEO, Ebix Inc. said, “We are pleased to have won this prestigious order. It was but natural that a high-tech city like Pune, that has emerged as one of the key centers of IT growth in India, implement a high-tech solution to automate its bus transport ticketing and collection. EbixCash’s Bus Exchange initiative is the only solution that has the track record of successfully having implemented the ITMS across the largest of states in India. This order is another step in the direction of EbixCash converging financial solutions with technology solutions and implementing them in niche industries.”

EbixCash’s Bus Exchange Division is India’s dominant leader in the area of Enterprise Bus E-commerce handling $1.7 Billion of annual transactions, across 30% of India’s bus ticketing system network with 11+ large state-owned public transport corporations as clients.

About EbixCash and Ebix, Inc.

With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. EbixCash’s Financial Technology solutions are today deployed across prestigious financial institutions and Banks in 44 countries. For more information, visit the Company’s website at www.ebixcash.com.

With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, 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. For more information, visit the Company’s website at www.ebix.com.

Contact:

Darren Joseph

IR@ebix.com or +1 678 281 2027

David Collins or Chris Eddy

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

FAQ

What is the significance of EbixCash's new contract in Pune?

EbixCash's contract to implement an automatic fare collection system is significant as it marks a major expansion in the company's operations in public transport automation.

How many buses will EbixCash's system cover in Pune?

EbixCash's system will cover a minimum of 2,000 buses in Pune.

What technology will be implemented for the Pune bus system?

EbixCash will implement its Intelligent Transport Management System (ITMS) for fare collection and bus automation.

What is the duration of the contract awarded to EbixCash?

The duration of the contract awarded to EbixCash is 7 years.

How much does EbixCash handle annually in bus ticketing transactions?

EbixCash handles approximately $1.7 billion annually in bus ticketing transactions.