EbixCash Wins Long-term Bus Exchange Contract from North Bengal State Transport Corporation
Chennai –September 29, 2022 – 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