EbixCash Travel Reports Robust Business Growth
Retains Leadership in Multiple Travel Areas Besides Leadership in Multiple ASEAN Countries
Noida – January 3, 2024 – 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 provided a summary brief on its travel business, while reporting exceptional performance across all travel business verticals.
EbixCash reported that its Corporate Travel business grew year-over-year (YOY) by 60% on an overall basis in 2023. EbixCash Travels added approximately 57 new clients in the prestigious large and mid-cap segment in 2023 itself. The group reported growth of approximately 40% in its business with LCC carriers while its GDS segments YOY grew by 37%. EbixCash Travel 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.
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.
EbixCash Travel Managing Director 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.”
EbixCash Travel continued its No. 1 Leadership position in ASEAN countries like Indonesia and Philippines, where its business in aggregate grew YOY by 28%. In these countries, EbixCash Travel maintained its aggregate position as the largest contributor in airline passenger count for both for LCC & GDS carriers.
EbixCash Travel also now has the unique pioneering leadership in the Luxury train segment in India with the launch by EbixCash of one of India’s most prestigious Luxury Trains - “The Deccan Odyssey”.
EbixCash Travel Managing Director Naveen 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 a fabulous response from the 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 etc 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.
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 systems. 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