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EbixCash records 38% growth in forex during 2023; revenue surges 24% in Q4

EbixCash Limited, a subsidiary of global software and e-commerce services provider Ebix, Inc., has reported significant year-over-year (YOY) growth in its payment solutions vertical, particularly in the areas of foreign exchange, inward and outward money remittance.

In the realm of Foreign Exchange (Forex), EbixCash demonstrated a robust performance with a 38% YOY growth in 2023. The final quarter of the calendar year, covering September to December 2023, witnessed an estimated record gross revenue of INR 144 crores, reflecting a YOY growth of 24% compared to the same period in 2022.

T C Guruprasad, Managing Director, EbixCash Payment Solutions said, “In the foreign exchange business, the year 2023 has been nothing short of extraordinary, and we are pleased to announce that we have achieved estimated gross revenue of INR 556 crores with 0.25 Mn transactions per month in the year. The last quarter of the calendar year from September to December 2023 (Q4’23) accounted for an estimated INR 144 crore of gross revenue. We are optimistic of continuing the growth trajectory in the Jan’24 to March’24 quarter (Q1’24) and are targeting gross revenue of INR 175 crore in Q1’24 with sequential growth of approximately 22% over Q4’23 and YOY growth of approximately 45% in Q1’24 as compared to Q1’23. In terms of operating income, 2023 was a record year for the Payment Solutions Division, and we are optimistic that the Division will set new records in terms of operating income benchmarks in the year 2024.”

Guruprasad added, “We also take pride to report that the Reserve Bank of India (RBI) handpicked EbixCash to showcase to the inter-governmental G-7 Financial Action Task Force (FATF) audit team, our exemplary compliance framework and control systems for FX business, in line with RBI’s high standards. The whole exercise spanning over two months included interactions with RBI, FIU, and top officials from the Ministry of Finance. The FATF team visited India recently to study and rate the country’s financial system framework on diverse areas like anti- money laundering and anti- terrorist financing activities.”

EbixCash continued its dominance in airport foreign exchange operations, expanding to six new airports, including Ranchi, Goa, Aurangabad, Bhubaneswar, Surat, and Vizag. The total airport presence now stands at 25 international airports. The corporate Forex business experienced YOY growth, with noteworthy client additions in various sectors.
In addition to business achievements, EbixCash reported a 30% YOY growth in the student outward remittance business and opened a new branch in Namakkal to cater specifically to students traveling to the UK for higher studies.

EbixCash’s Travel card achieved a Gross Merchandise Value (GMV) surpassing USD 450 million in the first nine months, with an average monthly sale of USD 50 million on Visa and MasterCard, including distribution of bank cards.

The payment solutions group maintained its leadership role in the Inward remittance business (MTSS) in 2023, processing 4.4 million transactions throughout the year. Additionally, EbixCash successfully completed the beta launch of its own UPI handle to facilitate seamless digital transactions, anticipating growth in this area in the year 2024.

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