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 one of its India-based EbixCash subsidiaries has acquired a 70
percent stake in AHA Taxis, a platform for on-demand inter-city
cabs in India. AHA focuses its attention on Corporate and Consumer
inter-city travel primarily, with a network of more than 15,000
registered AHA Taxis.
AHA has pioneered an offering of one-way fare
for hiring taxis for outstation trips, whereas the trade norm used
to be to charge the return fare. AHA solved this problem while
engaging its proprietary technology, algorithm and network.
Founded by first generation entrepreneurs Amit
Grover, Kunal Krishna and Shivam Mishra, who bring a solid blend of
experience and youth to EbixCash, with hands on execution expertise
in technology, operations and marketing; the Company today has a
network spread across 4,000+ cities, having served 20,000+ routes
and 15+ million kilometers of travel as of now.
Build on cutting edge technology that is served
over the cloud to all its constituents, the AHA Taxis service is
available at finger tips to consumers and corporates across the
country. With features like number masking, live tracking, open
APIs, multiple payment gateways, the AHA Taxis solution is
available over any mobile device in an App form or over the
internet in a matter of minutes wherever you are in India.
The AHA Taxis service is considered one of the
most efficient and cost effective one-way inter-city travel options
in India today, as the Company at any time has a massive registered
network of cars who have just finished a one-way travel to a city
from their home base location and are looking for passengers, to
return back to their home city wanting to avoid going back without
a passenger; and are thus willing to price the trip
aggressively.
With partners like PayTM, Makemytrip, Yatra,
Via, RailYatri, Zomato, Mobikwik, Savaari and Ticketgoose.com, AHA
Taxis has built an impressive customer retention rate of
approximately 30% and one of the lowest customer acquisition costs
in the industry at 5% of its revenues. The AHA Taxis App is
available on Android Google play and Apple devices both, besides
being accessible on the web at www.ahataxis.com
With an inter-city market opportunity that is
presently estimated at $10 Billion, and growing at 20% annually,
AHA Taxis has focused its attention on this focused inter-city
market segment. With a population of 1.3 billion people, an
estimated 90% of the cab trips are booked one-way with two-way
trips accounting for only 10% of the cab trips. AHA has focused its
attention on this section through a blend of partnerships with
OTAs, online and offline travel agents, Corporates, and the B2C
Direct channel.
Ebix Chairman, President and CEO Robin Raina
said “AHA Taxis provides our Via and Mercury travel brands with
another in-house tool to cross-sell cab services to our Corporates,
B2C clients and OTA clients. We were already using AHA as one of
the outside vendors to whom we would handover inter-city cab
travel, because of the efficiency and pricing provided by
AHA. Our 260,000+ strong franchise network will now be able
to not only sell cab travel as an integral tool through online
cloud based technology, but also be able to register new car
drivers to the AHA network across the country and convert AHA into
one of the largest inter-city cab networks in the country.”
AHA Co-Founder Amit Grover said, 'We have been a
startup till now that has grown approximately 100 times since
January 2015. We grew AHA on minimal seed capital and became
break-even in 2018. We needed the physical and digital client &
franchisee expanse of a massive network like EbixCash to
substantially grow our business. We are quite excited by the growth
opportunities ahead of us.”
AHA Co-Founder Kunal Krishna said, “Our domain
knowledge and technology has helped us solve the several decades
problem plaguing the taxi travel space in the country. With Ebix,
we intend to take AHA offerings to every Tier 2, Tier 3 city in the
country and help millions of people save money on their travel. AHA
technology does not only solve the problem for India, and in-fact
can also be extended to other South Asian countries.”
AHA Co-Founder Shivam Mishra said, AHA has been
positively changing the dynamics of outstation taxi market in
India. We are set out with a mission of ‘Anywhere to anywhere
one-way out-station taxi’, and we are ecstatic that Ebix would be
helping us achieve our mission, and change the way people travel in
the country.”
Prosight Partners advised AHA Taxis on this
transaction. Ebix did not use any Investment Bankers.
About Ebix and EbixCash
With 50+ offices across 5 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, the Company’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 administrative
and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000
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, Forex, travel, pre-paid & gift cards, utility
payments, lending etc., in an emerging country like India. The
Company’s Forex Exchange has an approximate 70% market share of
India’s airport Foreign Exchange business encompassing 25
international airports like Delhi, Mumbai, Bangalore, Chennai and
Kolkata International airports, while conducting over 1 million
transactions per annum. EbixCash, through its travel portal
Via.com, is also one of Southeast Asia’s leading travel exchanges
with over 110,000 distribution outlets and 8,000 corporate clients
processing over 24.5 million transactions every year. For further
details, visit www.ebixcash.com
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific technology
professionals to provide products, support and consultancy to
thousands of customers on six continents. For more information,
visit the Company’s website at www.ebix.com
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTSAs used herein, the terms “Ebix,” “the Company,”
“we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation,
and its consolidated subsidiaries as a combined entity, except
where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release
contains forward-looking statements and information within the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. This
information includes assumptions made by, and information currently
available to management, including statements regarding future
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company's products by the market, and
management's plans and objectives. In addition, certain statements
included in this and our future filings with the Securities and
Exchange Commission ("SEC"), in press releases, and in oral and
written statements made by us or with our approval, which are not
statements of historical fact, are forward-looking statements.
Words such as "may," "could," "should," "would," "believe,"
"expect," "anticipate," "estimate," "intend," "seeks," "plan,"
"project," "continue," "predict," "will," "should," and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this report and in the documents incorporated herein by reference.
These statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from
those expressed or implied in these forward-looking statements.
Factors that may cause such a difference, include, but are not
limited to those discussed in our Annual Report on Form 10-K and
subsequent reports filed with the SEC, as well as: the risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, the willingness of independent
insurance agencies to outsource their computer and other processing
needs to third parties; pricing and other competitive pressures and
the Company's ability to gain or maintain share of sales as a
result of actions by competitors and others; changes in estimates
in critical accounting judgments; changes in or failure to comply
with laws and regulations, including accounting standards, taxation
requirements (including tax rate changes, new tax laws and revised
tax interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia, UK and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
Except as expressly required by the federal
securities laws, the Company undertakes no obligation to update any
such factors, or to publicly announce the results of, or changes to
any of the forward-looking statements contained herein to reflect
future events, developments, changed circumstances, or for any
other reason.
Readers should carefully review the disclosures
and the risk factors described in the documents we file from time
to time with the SEC, including future reports on Forms 10-Q and
8-K, and any amendments thereto. You may obtain our SEC filings at
our website, www.ebix.com under the "Investor Information" section,
or over the Internet at the SEC's web site, www.sec.gov.
CONTACT:
Gautam Sharma or Darren Joseph
+1-678 -281-2027 or IR@ebix.com
Chris Eddy or David Collins
Catalyst IR +1- 212-924-9800 or ebix@catalyst-ir.com
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