Noida-based holistic payment solutions company, EbixCash files DRHP For INR 6,000 Cr IPO
- ByStartupStory | March 11, 2022
EbixCash, a Noida-based holistic payment solutions company with the market regulator SEBI filed the draft red herring prospectus (DRHP). Through a fresh issue of shares the company will be raising INR 6,000 Cr. An offer for sale does not consist in the DRHP filing.
As per the DRHP, a pre-IPO placement aggregating up to INR 1,200 Cr post consulting book running lead managers (BRLM) may be considered by EbixCash.
Its Singapore-based parent company, Ebix Singapore Pte Ltd. is wholly owned by EbixCash. In order to meet working capital requirements of its subsidiaries, Ebix Travels Private Limited and EbixCash World Money Limited, the company plans to use INR 1,035 Cr.
For outstanding compulsorily convertible debentures from Ebix Asia Holdings Inc, Mauritius INR 2,747 Cr will be used. In addition, For strategic acquisitions and investments as well as for general corporate purposes, the funds will be deployed.
EbixCash’s revenue increased from INR 2,281 Cr to INR 4,295 Cr in FY21 in FY20, an 88.29 % increase. In FY21 its expenses widened to INR 3,900 Cr, a nearly 100% rise from INR 1,948 Cr in FY20. A profit in FY21 of INR 230 Cr was posted, a 5.46% decline in FY20 from INR 243.3 Cr also came in notice.
EbixCash was founded by Naveen Surya in 2006. Based on GTV and foreign exchange, digital payments, domestic money remittances, prepaid cards and various other factors, it helps consumers and businesses in international remittance.
Hans Ulrich Keller, Neil David Eckert, Sriprakash Kothari, Pavan Bhalla, Sethurathnam Ravi, Uma Shankar and Sunil Srivastav are included as the independent directors of the company. Phygital strategy has been utilised by the company and it claims to combine over 650K physical agent distribution outlets for payment solutions, travel and insurance products, remittance, throughout India and Southeast Asia to an omnichannel online digital platform.
In October 2020, AssureEdge Global Services Private Limited was acquired by it, which was later rebranded as EbixCash Global BPO services. The growing list of other fintech companies which entered the IPO league in recent times was joined by EbixCash.
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