What’s poppin’ — Ebix Cash, the India-arm of the global tech giant called Ebix Inc., filed its docs with SEBI to raise ₹6,000 crores from the public markets — joining a growing list of tech names set to visit Dalal Street.
Some context: Ebix Inc., which mostly deals in supplying software to old school services-industries like Payments Processing and Insurance, entered India in 2017 after acquiring Itz Cash from the Zee Group. To remind ya GenZ folks, Itz Cash was actually a top player of prepaid cards in India — think preloaded enterprise spending cards, or gift cards for retail consumers.
Anyway, Itz Cash became Ebix Cash, and since then the company grew aggressively via M&A — buying 10+ companies within financial services, education, forex, travel and insurance.
Today the company has its tentacles into online travel booking, payment processing, remittances, gift cards, and other consumer services, but also into BPO services, bulk travel bookings, and money transfers for large corporations. The list goes on.
Their retail products are sold through a brick-and-mortar network of 650K+ third-party vendors, spread across 75+ countries! For the year ended in March 2021, the company grew revenues almost 91% YoY to ₹4,100+ crores, while profits of ₹230 crores stayed flat.
Bottomline — ain’t exactly a digital play, but given the state of the market, investors looking for a balance of old-school + new would be intrigued.