EbixCash Private Limited, a subsidiary of 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 it has been awarded the
prestigious order to design, develop, build, install, maintain,
operate and transfer the Intelligent Transport Management System
(ITMS) for all the state buses run by the North Bengal State
Transport Corporation (NBSTC).
This new contract is in addition to the three
contracts already signed with three of the key transport bodies in
the state of West Bengal, namely - Calcutta State Transport
Corporation (CSTC), West Bengal Transport Corporation (WBSTC), and
the South Bengal State Transport Corporation (SBSTC). The initial
term of each of the four contracts is 7 years. This new contract
takes the total minimum number of buses in which EbixCash bus
exchange solutions will be deployed, to 2,800 in the state of West
Bengal.
On 22nd March 2022, EbixCash announced that it
has been awarded a 5-year contract to design, develop, build,
install, maintain, operate and transfer the Intelligent Transport
Management System (ITMS) for a minimum of 14,950 buses in the state
of Andhra Pradesh, run by the Andhra Pradesh State Road Transport
Corporation (APSRTC).
EbixCash’s Bus Exchange Division is India’s
dominant leader in the area of Enterprise Bus E-commerce handling
$1.7 Billion of annual transactions, across 30% of India’s bus
ticketing system network with 14+ large state-owned public
transport corporations as clients.
EbixCash’s Intelligent Transport Management
System (ITMS) serves to automate all aspects of fare ticketing and
collection including Electronic Ticketing Machines & the
software. It provides tremendous upside to a bus corporation, in
terms of plugging any revenue leakage, faster services to the end
commuters, complete control over bus economics by route in real
time, trackability and audit trail of transactions, streamlined MIS
and real time data; besides endeavoring to optimize manpower usage
across all the buses run by the two Corporations. The end commuters
can avoid queues and time wastage while being able to make payments
on Smart Cards for their tickets inside and outside the bus.
Robin Raina, Chairman of the Board, EbixCash
said, “We are pleased with this win, as it further establishes the
fact that a large part of the country’s bus traffic today in state
owned buses is being powered by EbixCash technology, in terms of
automating all aspects of fare ticketing and collection, including
Electronic Ticketing Machines & the associated software. Our
continued effort is to combine this technology prowess with our
payment solution card products that can work across all aspects of
life including in a bus, in line with PM Modi’s vision of One
Country, One Card.”
About EbixCash
With a "Phygital” strategy that combines over
650,000 physical agent distribution outlets throughout India and
Southeast Asia as of December 31, 2021, 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 16 international airports, including Delhi, Mumbai,
Mumbai, Hyderabad, Chennai and Kolkata. EbixCash 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. For more information, visit the Company’s website
at www.ebixcash.com
Disclaimer:
EbixCash Limited is proposing, subject to
receipt of requisite approvals, market conditions and other
considerations, to make an initial public offer of its equity
shares and has filed a draft red herring prospectus (“DRHP”) with
the Securities and Exchange Board of India. The DRHP is available
on the website of the SEBI at www.sebi.gov.in as well as on the
websites of the book running lead managers, Motilal Oswal
Investment Advisors Limited at www.motilaloswalgroup.com, Equirus
Capital Private Limited at www.equirus.com, ICICI Securities
Limited at www.icicisecurities.com, SBI Capital Markets Limited at
www.sbicaps.com and YES Securities (India) Limited at
www.yesinvest.in, respectively, and the websites of the stock
exchange(s) at www.bseindia.com and www.nseindia.com, respectively.
Investors should note that investment in equity shares involves a
high degree of risk and for details relating to such risk, see
"Risk Factors" of the RHP, when available. Potential investors
should not rely on the DRHP for any investment decision.
About Ebix, Inc.
With approximately 200 offices across 6
continents, Ebix, Inc., (NASDAQ: EBIX) 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 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
CONTACT:
Satish Sapru
satish.sapru@Ebix.com or +91 99990 13426
Darren Joseph
IR@ebix.com or +1 678 281 2027
David Collins or Chris Eddy, Catalyst Global
ebix@catalyst-ir.com or + 1 212-924-9800
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