EbixCash Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), an international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, announced that it has received the final observation letter/clearance from the Securities and Exchange Board of India (SEBI) “for its proposed initial Public Offering (IPO).”
EbixCash will now be “working with its advisors on the next steps leading to the listing of EbixCash on NSE and BSE.”
With a “Phygital” strategy that “combines over 650,000 physical agent distribution outlets throughout India and Southeast Asia, 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 20 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata.”
EbixCash claims it 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.”
With approximately 200 offices across 6 continents, Ebix, Inc. “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 reportedly “employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents.”