EbixCash Wins Long-term Maharashtra State Road Transport Corporation (MSRTC) Contract Involving Electronic issuance and Online Reservation System, for an Estimated 6 Billion Passenger Tickets
NOIDA, India and JOHNS CREEK, Ga., Nov. 30, 2022 (GLOBE NEWSWIRE) -- EbixCash 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 a long-term order for implementation of a new Electronic ticket issuance and online reservation system for one of India’s largest states Maharashtra, by the Government owned Maharashtra State Road Transport Corporation (MSRTC).
EbixCash will implement the end-to-end on-demand bus automation system involving deployment of 36,000 Electronic ticketing machines across all the MSRTC buses in the state. The initial term of the contract will be 5 years. As per the order, it is estimated that 6 billion passenger tickets (600 crore tickets) will be handled by EbixCash over the initial 5-year term. As an integral part of the order, EbixCash also has been awarded advertising rights for printing any advertisement on backside of each ticket.
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.
Robin Raina, Chairman of the Board, EbixCash said, “This is a highly prestigious and the largest roadways corporation win by EbixCash, in terms of revenues and ticket volumes. With EbixCash retaining advertising print rights on each of these 6 billion tickets, it allows us a tremendous opportunity to either promote our EbixCash brand or to sell advertising rights to other companies. We are excited to be powering the technology across all the buses of the Maharashtra roadways corporation, in one of the largest states in the country.”
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 15+ large state-owned public transport corporations as clients.
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 systes. 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
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
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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.