US-based software company Ebix’s increased focus on India seems to have paid off. The company reported a 14% rise in revenue to $147.2 Mn in Q3 FY19 compared to $128.6 Mn in Q3 FY 18. It increased 2% over Q2 2019 revenue of $144.3 Mn. Ebix’s India subsidiary EbixCash accounts for a major portion of Ebix’s revenue.
The company said in its press statement that after excluding the revenues from the de-emphasised egovernance business, Q3 FY19 revenues grew 17% in Q3 2019 as compared to Q3 FY18. On a constant currency basis, Ebix Q3 FY19 revenue increased 15% to $148.4 Mn compared to $128.6 Mn in Q3 FY18.
Exchanges cumulative, including the insurance and EbixCash financial exchanges, accounted for 88% of Q3 2019 revenues. Also, on a constant currency basis, year to date revenue increased 23% to $443.8 million as compared to $361.5 million during the same period in 2018.
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The software company also reported year-over-year revenue improvement reflecting a 36% growth in the company’s EbixCash channel. EbixCash Q3 FY19 revenues grew 42% in Q3 FY19 as against Q3 FY18. This excludes revenues from the de-emphasised egovernance business.
“Our revenue momentum continued to be strong in India with EbixCash exchanges growing organically 5% on a constant currency basis, as compared to Q2 2019 and 36% year over year in Q3 2019,” chairman, president and CEO of Ebix Robin Raina said in the statement.
In July this year, Ebix and travel and ticket booking platform, Yatra Online, signed a definitive agreement for a merger. Founded in August 2006 by Sabina Chopra, Manish Amin, and Dhruv Shringi, Yatra Online offers services such as domestic and international air ticketing, hotel booking, homestays, holiday packages, bus ticketing and rail ticketing. Through the merger, Ebix aimed at accelerating the company’s growth potential in India and create India’s largest financial and travel Ebix Cash exchange.
In February this year, Ebix Software India, a software arm of Ebix Inc also acquired 80% stake in Delhi-based on-demand SaaS technology solution provider for travel, Zillious Solutions Private Ltd.