EbixCash Limited has reported exceptional performance across all travel business verticals. Its Corporate Travel business grew year-over-year (YOY) by 60% on an overall basis in 2023, adding approximately 57 new clients in the prestigious large and mid-cap segment in during the year. The group reported growth of approximately 40% in its business with LCC carriers while its GDS segments YOY grew by 37%. It reported YOY growth of 33% in its business with the top line LCC carrier Indigo. EbixCash’s international passenger YOY growth was 52% across its India airline business.
In MICE & Event based travel businesses, EbixCash Travel continued to maintain its leadership position across India with a YOY revenue growth of approximately 25%. Passenger growth in the international MICE segment was approx. 150% YOY while it was 47% YOY across the combined domestic and international segment business. This growth was primarily driven by an approximate 80% increase in new client acquisitions in 2023. These have been shared by a release by the company, followed with an interview with its India head, Naveen Kundu.
EbixCash also reported that its overall inbound business grew YOY by 287% in terms of incoming passenger growth & 264% YOY in terms of overall revenue growth.
It may be recalled that EbixCash took over the business of Mercury Travels and VIA.com, and has used these bases to grow its businesses further, both on online and in business travel, predominantly.
EbixCash Travel MD, Naveen Kundu, said “We are excited to have outperformed the travel industry trends in 2023 in almost all segments that we operate in. All our business verticals across EbixCash Travel have performed exceptionally well while allowing us to retain a leadership position in many domestic and international markets. We look forward to 2024 with stated goal of registering a record performance in the year.”
Kundu added “Ebix Travels has entered into a PPP joint venture with MTDC (Maharashtra State Tourism Development Corporation) to operate and manage the Deccan Odyssey Luxury train. The train has received good response from foreign tour operators and is running at over 75% occupancy at present. With most departures sold out on peak dates, this will be the only luxury train in India which will have a profitable run in its very first season itself.”
In the Luxury trains business, EbixCash Travels has the largest market share of approximately 69% in India while promoting various trains like the Palace on Wheels, Maharaja’s Express, besides The Deccan Odyssey.
EbixCash Travel’s sports division, Ebix Sports, served as the official Travel agent (OTA) for ICC Cricket World cup 2023 that was held in India & remained amongst the top contributors for ICC travel packages.
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. Through Via.com and EbixCash.com, it caters to India and Southeast Asian markets, with over 517,000 agents and approximately 17,900 registered corporate clients.
EbixCash Limited has emphasized that its operations in India will not be affected, by the strategic US- only Chapter 11 process undertaken in the United States by Ebix, Inc. It has reiterated that the Chapter 11 proceedings apply to Ebix entities in the United States only and Ebix’s approximately 200 affiliates outside the United States are not included in the U.S. – only Chapter 11 filing and will continue to operate normally. All worldwide operations of the Company will continue to operate in the ordinary course and without any interruption.
MD Naveen Kundu says “EbixCash has strong stand-alone financials and governance, with its cash flows solely available for its own needs. Chapter 11 process mandates insulation between the international companies and the US company in terms of any intercompany dealings. EbixCash owns all intellectual property, assets, India brands, trademarks and the EbixCash brand.
In fact, he says “EbixCash future is bright – with strong operating fundamentals, a robust business model, world-class products, and healthy operating cash flows. With an independent Board and a strong governance structure, EbixCash has been continually profitable over the years and is committed to the growth of its businesses and helping take the industry forward.