NOIDA, India - EbixCash Limited, a subsidiary of Ebix, Inc. (OTC: OTC:EBIXQ), has reported significant year-over-year revenue and income growth within its payment solutions sector. The company, which provides a range of e-commerce services, announced an impressive 38% growth in its foreign exchange (Forex) business for the year 2023.
The last quarter of 2023 saw EbixCash achieving an estimated gross revenue of INR 144 crores, marking a 24% increase compared to the same period in 2022. T C Guruprasad, Managing Director of EbixCash Payment Solutions, highlighted the exceptional performance in Forex, with gross revenue reaching INR 556 crores and an average of 0.25 million transactions per month in 2023.
The company is aiming for a gross revenue of INR 175 crore in the first quarter of 2024, anticipating a 22% sequential growth over the last quarter of 2023 and a 45% year-over-year increase.
EbixCash's leadership in the airport Forex market was further solidified with the addition of counters at six new airports, expanding its presence to 25 international airports. The company also saw substantial growth in its corporate Forex business and student outward remittance business, which grew by 30% year-over-year.
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