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CST: 17/11/2019 06:07:31   

India Post Unveils Stamp to Commemorate 20th Anniversary of EbixCash World Money

88 Days ago

JOHNS CREEK, Ga., Aug. 20, 2019 (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 announced that India Post has unveiled  a corporate customized  stamp to commemorate the 20th anniversary of Ebix’s foreign exchange, remittances, payment solutions Indian subsidiary company - EbixCash World Money.

The Department of Posts, commonly known as India Posts, is the government-operated postal system in India; and is the most widely distributed postal system in the world.

EbixCash is a global player in travel, remittances, payment services and foreign exchange solutions besides being the largest issuer of prepaid cards in the country. The release of the stamp is a celebration of the company’s commitment to expand its India story and offer a diverse bouquet of travel, foreign exchange and financial solutions globally.

The company also has near-term aspirations of expanding its operational footprint into the US, Canada, Dubai, UK, Singapore, Hong Kong markets etc. These growth initiatives will be principally organic, though supplemented as possible via strategic acquisitions.

“We are happy to associate with EbixCash World Money and release a stamp commemorating their 20th anniversary. They are the leaders in travel, foreign exchange and prepaid solutions, and thus we are happy to engage with them and be a part of their growth story,” says Swati Pandey, Director General of India Post.

“The company is celebrating its 20th anniversary; we are privileged to associate with India Post and unveil a stamp together to commemorate the same. EbixCash World Money is one of the largest travel and foreign exchange companies in India and is poised to become a global player. Over the years, our brand has stood for customer centricity and our endeavor will be to continue to provide innovative solutions for the travel & foreign exchange needs of individuals and corporates,” states the Managing Director of the company, Mr. T C Guruprasad.

“Looking back at our two-decade journey today, we are happy to have grown bigger, better, and brighter. In 1999, EbixCash World Money started its forex operations, with a very humble beginning of just 3 branches in Mumbai (CST & Bandra) and Bengaluru. In the year 2000, we pioneered the plastic forex cards in India with Visa Travel Money and Citicorp. Years 2002 and 2004 saw our rise, where we ranked among top 3 sellers of AMEX Traveler’s cheques, as also in the top 5 FFMC in Gross Merchandise Value and entered airport operations. In the year 2007 and 2008, we expanded our network to 17 cities PAN India with 25 branches and became the first FFMC to get upgraded to Authorized Dealer CAT II by the Reserve Bank of India,” reminisces Guruprasad.

The company ranked among the top 3 AD II players in 2012 and became the largest sellers of forex cards in India by 2014. Within just another year, they went onto expand their network to 45 cities PAN India with 100 branches and 1000 employees, and launched www.buyforex.com for online sale & purchase of foreign exchange. In 2017, the company became the first AD II in India to attract private equity investment; and soon thereafter became a part of NASDAQ Listed Ebix Inc. in 2018. With the recent acquisition of Essel Forex and Weizmann Forex in 2019, combined with strong organic growth, EbixCash has become the largest foreign exchange and money transfer company in India.

“Little did anyone know that these milestones would take the company and the brand to a pedestal where it is now. Along the way, EbixCash World Money has truly created industry benchmarks,” concludes the Managing Director.

EbixCash World Money got recognized as the ‘Best Forex Company’ for 8 consecutive years at India Travel Awards; as also lauded for its Customer Service, 2 years in a row, at Pinnacle Awards - Kempegowda International Airport Ltd. SKOCH - An industry think-tank recognized their work for providing innovative university remittance solution for students . EbixCash World Money has been a forerunner in strictly adhering to AML policy framework and Financial Intelligence Unit (FIU) reporting, creating a stronger regulatory environment for the entire ecosystem.

Truly a narrative of on-ground customer centricity, innovation and tenacity which literally started in a garage and became India’s undisputed No. 1 in its space, merely in a span of 2 decades; EbixCash World Money has an extensive network today, spanning 145+ branches, with a presence in over 30 airports across the length and breadth of the country. It offers a wide range of travel services such as Currency Notes, Multi-currency Travel Cards, Remittance Services, Traveler’s Cheques and Travel Insurance. 

About India Post

The Department of Posts, commonly known as India Posts, is a government-operated postal system in India, which is a subsidiary of the Ministry of Communications. Generally called "the post office" in India, it is the most widely distributed postal system in the world.

It is involved in delivering mail, remitting money by money orders, accepting deposits under Small Savings Schemes, providing life insurance cover under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail services like bill collection, sale of forms, etc. India Post also acts as an agent for Government of India in discharging other services for citizens such as old age pension payments and Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) wage disbursement and other Direct Benefit Schemes. With 155,015 post offices, India Post has the most widely distributed postal network in the world. For more information, visit the Indi Post website at www.indiapost.gov.in

About Ebix, Inc.

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.

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. For more information, visit the Company’s website at www.ebix.com 

CONTACT:

Darren Joseph
IR@ebix.com or 678 281 2027

David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com 

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