TBM Staff - Mumbai The company generated a gross revenue of around INR 198 crore in the foreign exchange sector
Eraaya Lifespace recently announced that its newly acquired EbixCash Limited, a subsidiary of Ebix, Inc., has reported strong growth in its payment solutions vertical, with notable progress in foreign exchange, inward remittance, and payments businesses.
Commenting on this, T.C. Guruprasad, CEO and Managing Director, EbixCash Payment Solutions, stated, “In the foreign exchange business, the past quarter has been nothing short of extraordinary. We are pleased to announce that we have achieved an estimated gross revenue of INR 198 Cr for quarter 2 of the financial year ‘25. The foreign exchange division has crossed a GMV of INR 7,762 Cr (USD 935 Mn) with approximate gross revenue of INR 180 Cr, backed by strong EBITDA figures.”
The foreign exchange vertical continues to compound its growth in the student remittance and corporate business sectors, with the addition of a few marquee corporations and educational agents. The banknotes vertical has strengthened its position with the inclusion of new banks for currency purchase and sale and the addition of five-star hotels to the EbixCash network.
EbixCash Globetrotter Travel is growing its customer base, especially among students and leisure travellers. Its new One World Globetrotter Travel Card allows customers to make purchases globally without cross-currency charges. This innovation gives EbixCash World Money a competitive edge in the international travel market. Additionally, EbixCash is enhancing its services with a WhatsApp chatbot, enabling customers to manage card activities like channel control, pin reset, and card statements directly through WhatsApp.
EbixCash World Money is further expanding its distribution network with the addition of two new international airports—Aurganabad and Surat—and plans to expand branch operations in cities like Varanasi, Aurangabad, Kolhapur, and Udaipur, aiming to further penetrate the retail, corporate, and student segments.
EbixCash Payment Solutions’ inward remittance business continues to maintain its market leadership in the cash-to-cash segment, being one of the largest partners for Western Union, MoneyGram, RIA, Mastercard Transaction Services (Transfast), and Instant Cash.
According to the company release, “The domestic payments business continues to grow with the launch of its own UPI handle amongst Android users, which offers seamless payments and financial inclusions for credit societies. As part of financial inclusion, this UPI service is used by several Pune credit society members for their daily payments. EbixCash Payment Service continues its dominant market share in the B2B segment for ticket issuance through IRCTC. Soon, the UPI service will be offered at airport counters to foreign nationals, providing a hassle-free experience and promoting cashless payments.”
