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EbixCash’s operations in India remain unaffected despite parent company filing for bankruptcy in US: MD

EbixCash has said that its parent company Ebix Inc. filing for bankruptcy in the US will have no bearing on its operations in India, and all other international subsidiaries and their franchisees across the world. This is because Ebix Inc. has filed for protection under Chapter 11, a clause which does not include approximately 200 affiliates of its entities operating outside the US.

“The worldwide operations of the company will continue to operate in the ordinary course without any interruption. This news has no impact on EbixCash, its customers, partners, vendors, and employees,” said TC Guruprasad, MD & CEO, EbixCash, in a written reply to queries from TravelBiz Monitor.

Ebix Inc. has secured a firm deal with Zinnia, to get a floor price for the sale of a US asset. The sale of this asset will serve to pay the US debt back expeditiously under a proper time bound process over the next few months. The Assets being sold, account for just 14.5% of Ebix’s worldwide GAAP revenues for the year-to-date 9-month period preceding September 30th 2023; implying that we are targeting to be a debt free company soon while retaining our strong 85% plus business worldwide, Gurprasad said.

“EbixCash in specific is a healthy operating company with strong operating fundamentals. It will remain insulated without any impact in any manner by the US process defined above,” Guruprasad said.

He went on to say, “The fundamentals of our operations are based on prudent business practices, healthy performance indicators and proven track record of business growth and profitability. We believe that the company’s future is bright, with operating fundamentals continuing to be strong, the business model robust, its products being world-class and pioneering, its distribution reaching the best in the markets, and its healthy fundamentals and operating cash flows the envy of all our competitors.”

Reiterating their commitment to business and workforce, Guruprasad said that they will fulfill their obligations of serving customers. “We would also like to assure continuity of operations across all payment’s services with business as usual across India. With 10,000 plus employees and 150 plus offices in India, EbixCash is fully geared to continue to support and offer our service in an uninterrupted manner.”

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