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NEW DELHI, India, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Delhi Capitals, today announced the joining of EbixCash, India’s largest financial exchange disruptor, as one of its principal sponsors for the upcoming season of the VIVO Indian Premier League. The financial and insurance service player will be associated with Delhi Capitals for two seasons of the VIVO IPL (2020 and 2021), during which EbixCash will be seen on the back of the playing jersey.
EbixCash is a subsidiary of Ebix, Inc. (NASDAQ:EBIX) that today transacts $18 Billion in Gross merchandise value (GMV) on its platforms, besides being an end-to-end services market leader in the financial exchange industry.
“We are thrilled to partner with Delhi Capitals over the next couple of seasons of the VIVO IPL,” Robin Raina, Chairman, President and CEO, EbixCash, said on the association. “Delhi Capitals is easily the most exciting team of the league at the moment. With its array of Indian talent and international superstars, Delhi Capitals is the team to watch out for in subsequent editions of the IPL. We’re excited to partner with a team and a brand hailing from Delhi, India’s national capital, and one that brings with it, tremendous potential and promise.”
“On behalf of Delhi Capitals, I’m delighted to welcome on board EbixCash as one of the Principal Sponsors of our team,” said CEO Dhiraj Malhotra. “After the third-place finish in the 2019 edition, our team will be eyeing no less than the title in the upcoming edition, and we’re excited to have EbixCash as a part of our journey towards that goal. I am confident this will be a mutually successful partnership for both brands.”
About VIVO IPL
The VIVO Indian Premier League (IPL) is an international professional Twenty20 cricket league played in India, with participation from international players across the world based on an NBA style bidding and auction process. The league is contested during April and May of every year by eight teams representing eight different cities in India. With a television audience of approximately 700 million that watched the IPL league on television in 2018, the VIVO IPL is one of the most-watched sporting events in the world.
In 2010, the IPL became the first sporting event in the world to be also broadcast live on YouTube. The brand value of VIVO IPL in 2019 was estimated at approximately US$6.7 billion, according to Duff & Phelps. The hunger of ordinary Indians for cricket and especially VIVO IPL can be gauged from the fact that the number of Indians who watched VIVO IPL in 2018, were more than the number of Indians who voted in the 2018 general elections in the country.
An Ebix (NASDAQ: EBIX) group initiative, EbixCash is emerging as one of the leading financial exchanges in India. 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. The Company has also signed an agreement to acquire Yatra Online subject to regulatory and Yatra shareholder approvals. Once that acquisition is complete, EbixCash’s leadership in the corporate, B2B, luxury and MICE businesses would be unrivaled by any player in the Indian markets.
About Delhi Capitals
Delhi Capitals is one of the eight founding teams that plays in the VIVO Indian Premier League (IPL). Co-owned by the GMR Group and the JSW Group, Delhi Capitals was established in 2008 as Delhi Daredevils before embracing a new avatar in December 2018. The team finished third in the 2019 edition of the tournament.
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