EbixCash

What EbixCash does

EbixCash is an Indian financial services and payments platform that operates a hybrid "Phygital" distribution model combining 650,000+ physical retail outlets with an omni-channel digital platform. Founded in 2002 and headquartered in Noida, India, the company offers a vertically integrated suite spanning prepaid payment instruments and wallets (PPI), foreign exchange and cross-border remittances, travel services, bill payments, payment solutions, BPO services, e-learning, and insurance distribution. Its card products are accepted at 8 million+ merchant locations domestically and internationally, and it maintains integrations with global remittance networks including Western Union, MoneyGram, RIA, and Flywire, as well as partnerships with Visa, RuPay, IRCTC, Amway, and Via.com.

The company monetizes through unit-based fees across high-volume transactional products — currency exchange margins, prepaid card issuance and reload fees, travel commissions, bill payment interchange, BPO contracts, and insurance distribution — serving primarily mass-market Indian consumers and SMB merchants via its distribution network, alongside selected enterprise clients. It operates with 10,000+ employees and is controlled by Eraaya Lifespaces Limited, which holds a 64% stake. The business has historically expanded via acquisition (AssureEdge in 2020, Trimax IT in 2019, AHA Taxis in 2018) and continued organic footprint buildout, including its 100th retail forex branch and the January 2026 launch of the Legend Card.

EbixCash's commercial trajectory is now overshadowed by material regulatory and legal exposures. The chairman and promoter was arrested by India's Enforcement Directorate in July 2026 in connection with the Mahadev betting money laundering case, with Rs 940.77 crore in properties attached; the ED has alleged that the 64% stake acquisition was funded from illegal betting proceeds. Separately, the Delhi High Court has enforced a ~Rs 104.55 crore arbitral award against Ebix Cash Limited in favor of Amadeus IT Group, and the RBI has imposed penalties for customer risk categorisation deficiencies. These contingencies create significant uncertainty around capital availability, partnership continuity, and operating license standing, materially affecting the company's growth and refinancing outlook.

Name

EbixCash

Legal name

Ebix Payment Services Pvt Ltd

Website

https://ebixcash.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Digital Payments & Financial Services

NAICS

Finance and Insurance (52)

SIC

Finance Services (6199)

akta.pro primary industry

Biller Direct EBPP Platforms (FSAMAJAA)

akta.pro secondary industry

Direct Debit / ACH Collections & Recurring Billing (FSAMAGAE)

Keywords

• Digital payment solutions
• Prepaid payment instruments
• Foreign exchange services
• Money transfer services
• Travel booking services

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Prepaid Payment Instruments: Issuance and operation of prepaid cards, wallets, and gift cards for consumers and corporates. Revenue generated through transaction fees, loading charges, and annual maintenance fees.
2. Forex and Remittance Services: Foreign exchange services including retail forex branches, travel cards, and international money transfers. Revenue from currency exchange margins and transfer fees.
3. Travel Services: Flight, hotel, holiday, cab, and bus booking services through the platform. Revenue from commissions and booking fees.
4. Bill Payments and Recharges: BBPS-enabled bill payment services, mobile recharges, and utility payments. Revenue from transaction fees.
5. Payment Solutions for Business: B2B payment solutions, POS terminals, and merchant services. Revenue from transaction processing fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

EbixCash operates as India's largest end-to-end financial exchange platform using a Phygital strategy that combines over 650,000 physical distribution outlets with an omni-channel digital platform. It sells prepaid payment instruments (wallets, prepaid cards, gift cards), foreign exchange and remittance services, travel bookings, BBPS-enabled bill payments and recharges to consumers, and provides B2B payment solutions, travel technology, bus exchange solutions, and insurance services to enterprises.

Product overview

EbixCash operates as a digital financial services platform with a 'Phygital' strategy combining over 650,000 physical distribution outlets with an omni-channel online digital platform. The company offers a comprehensive suite of financial products including prepaid payment instruments (PPIs) such as wallets and cards, foreign exchange services, money transfers via partnerships with Western Union/MoneyGram/RIA/Flywire, and travel booking services. For business customers, EbixCash provides payment solutions, travel technology platforms, bus exchange solutions, insurance services, cab services, and e-learning solutions. The portfolio is structured around consumer-facing products (EbixCash Wallet, Prepaid Cards, Forex, Travel, Money Transfer) and business-facing services (Payment Solutions, Travel Technology, Bus Exchange, Insurance, Cabs, E-Learning). A notable recent launch is the Legend Card co-branded with Lotus India Pay launched in January 2026.

Differentiator

Problem solved

Functional benefit

Brands

• Legend Card: Co-branded open-loop prepaid card launched in partnership with Lotus India Pay, available in virtual and physical formats, supporting POS terminals, e-commerce, QR payments, and UPI.

Products and services

• EbixCash Wallet Mobile wallet enabling users to make digital transactions at merchants accepting EbixCash payments; available as Android and iOS apps supporting UPI services, money transfers, and bill payments.
• EbixCash Prepaid Cards (GPR Cards) Electronic prepaid cards issued to individuals for digital transactions, accepted by over 8 million merchant outlets pan-India; network branded via Visa and RuPay partnerships with UPI interoperability.
• EbixCash Gift Cards Prepaid gift cards issued to corporate clients for employee rewards and recognition programs; non-reloadable cards with maximum value of Rs. 10,000 each.
• Legend Card Co-branded open-loop prepaid card launched in partnership with Lotus India Pay in January 2026; supports POS terminals, e-commerce, QR payments, and UPI transactions in virtual and physical formats.
• EbixCash Forex (World Money) Foreign exchange services including 100+ retail forex branches across India, forex cards, and international remittance services operated through EBIXCASH World Money Limited.
• EbixCash Money Transfer Domestic and international money transfer services including Western Union, MoneyGram, RIA, and Flywire partnerships for cross-border remittances through IMT and MTSS rails.
• EbixCash Travel Travel booking services encompassing flights, hotels, holidays, cabs, and buses for consumer customers, distributed through the website, app, and travel agency partners including Via.com.
• EbixCash Bill Payment & Recharges BBPS-enabled bill payment services including utility bill payments, mobile/DTH recharges, and other consumer financial transactions operated as a BBPOU.
• EbixCash Payment Solutions (B2B) B2B payment processing solutions for business merchants including payment gateway and POS services.
• EbixCash Travel Technology (B2B) B2B travel technology platform solutions for travel agents and operators to enable flight, hotel, holiday, and bus bookings.
• EbixCash Bus Exchange Solution Bus booking and exchange technology solution for bus operators and travel businesses.
• EbixCash Insurance Services Insurance distribution and services for business partners and consumers.
• EbixCash Cabs Cab booking services for consumers and corporate customers through EbixCash cab services, including AHA Taxi operations.
• EbixCash Agent Assisted Mode Agent-assisted transaction model for customers requiring personal assistance with financial services, leveraging the 650,000+ physical distribution outlets.

Quantifiable outcome

• 650,000+ physical and digital distribution outlets
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Lotus India PaycoreStrategic or Co-development Partner · 6 January 2026Partnership to launch the Legend Card, a co-branded open-loop prepaid card supporting POS, e-commerce, QR payments, and UPI transactions. The card is available in virtual and physical formats with features like real-time alerts and instant card blocking. Lotus India Pay brings expertise in recurring payment solutions.
• Via.comcoreChannel Partner/ Reseller/ DistributorVia.com operates as EbixCash's travel services distribution channel, offering flight, hotel, and holiday booking services through its network of travel agents.
• VisacoreTechnology or IntegrationVisa provides the payment network infrastructure for EbixCash prepaid cards, enabling acceptance at over 8 million merchant outlets across India.
• RuPaycoreTechnology or IntegrationRuPay provides the payment network infrastructure for EbixCash prepaid cards, enabling domestic payment processing.
• IRCTCminorChannel Partner/ Reseller/ DistributorIRCTC agent login and services through EbixCash platform for rail ticket bookings.
• AmwayminorChannel Partner/ Reseller/ DistributorAmway card program through EbixCash for Amway distributors.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• MobiKwik: Indian RBI-authorized PPI issuer operating a wallet, prepaid cards, bill payments, and merchant payment gateway — closely comparable to EbixCash's PPI and BBPS-led consumer fintech stack.
• Yatra Online: Indian online travel company that EbixCash attempted to acquire in 2019 (deal collapsed, leading to the Amadeus arbitral award) — directly comparable in the corporate-travel and OTA space.
• Paytm (One97 Communications): India's largest listed digital payments and wallet operator offering PPI wallets, UPI payments, bill payments, and merchant services — directly comparable to EbixCash's consumer-facing prepaid, BBPS, and merchant-acquiring businesses.
• PhonePe: Leading Indian UPI and digital payments platform with bill pay, wallet, and merchant services; overlaps directly with EbixCash's wallet, BBPS, and merchant-facing payment solutions.
• MakeMyTrip: India's largest online travel aggregator offering flights, hotels, holidays, and buses — comparable to EbixCash's travel vertical and Via.com partnership.
• EaseMyTrip: Indian online travel platform offering flights, hotels, holidays, and buses — directly comparable to EbixCash's consumer and corporate travel offerings.
• IRCTC: Indian Railway Catering and Tourism Corporation, which EbixCash integrates with as an agent for rail ticketing; comparable as a travel and ticketing distribution platform that EbixCash routes passengers through.

Broad incumbents

• MoneyGram: Global cross-border P2P payments company integrated into EbixCash's remittance distribution; comparable as a remittance brand that EbixCash sells through.
• Western Union: Global cross-border money transfer incumbent that partners with EbixCash to deliver remittance services into India; comparable as a remittance rail EbixCash distributes.
• PayPal India: Global digital payments incumbent operating in India for cross-border and merchant payments; comparable as a broader digital-payments and PPI-adjacent platform.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/EbixCash
• Facebookfacebook.com/EbixCash

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about EbixCash