EbixCash
- Company typePrivate
- Founded2002
- HeadquartersNoida, India
- Headcount5,001–10,000
- GTM typeB2B and B2C
- OfferingServices
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.
EbixCash firmographics
Firmographics- 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
EbixCash industry classification
Industry- 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
Where EbixCash is headquartered
LocationHeadquarters
- HQ city
- Noida
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
EbixCash business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- 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.
- 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.
- Travel Services: Flight, hotel, holiday, cab, and bus booking services through the platform. Revenue from commissions and booking fees.
- Bill Payments and Recharges: BBPS-enabled bill payment services, mobile recharges, and utility payments. Revenue from transaction fees.
- Payment Solutions for Business: B2B payment solutions, POS terminals, and merchant services. Revenue from transaction processing fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Annual | EbixCash PPI Wallet with Basic KYC |
| Unit Pricing | Annual | EbixCash PPI Wallet Full KYC |
| One time/ perpetual license | Pay-as-you-go | EbixCash GPR Card |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels3 records
EbixCash product offering
Product offeringCore 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
Companies that use EbixCash
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles2 records
EbixCash technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
Feature4 records
EbixCash partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Lotus India PaycorePartnership 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.comcoreVia.com operates as EbixCash's travel services distribution channel, offering flight, hotel, and holiday booking services through its network of travel agents.
- VisacoreVisa provides the payment network infrastructure for EbixCash prepaid cards, enabling acceptance at over 8 million merchant outlets across India.
- RuPaycoreRuPay provides the payment network infrastructure for EbixCash prepaid cards, enabling domestic payment processing.
- IRCTCminorIRCTC agent login and services through EbixCash platform for rail ticket bookings.
- AmwayminorAmway card program through EbixCash for Amway distributors.
Scale indicators5 records
Recent moves6 records
Expansion highlights4 records
EbixCash competitors and assessment
Company assessmentDirect 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
EbixCash social profiles
Digital presenceEbixCash compliance and trust
Trust signalCompliance2 records
EbixCash financial estimates
Financial estimateRevenue estimate
Valuation estimate
EbixCash leadership team
Management profileNumber of profiles
Profiles4 records
EbixCash subsidiaries and ownership
Company hierarchySubsidiaries2 records
EbixCash funding detail
Funding detailFunding overview
Funding rounds3 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
EbixCash M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about EbixCash
What does EbixCash do?
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.
Is EbixCash a public or private company?
EbixCash is a private company. It is classified as corporate owned and is currently operating.
When was EbixCash founded?
EbixCash was founded in 2002. It employs 5,001 to 10,000 people.
Where is EbixCash based?
EbixCash is headquartered in Noida, India, in the Asia region.
How does EbixCash make money?
Five revenue lines are on record. Prepaid Payment Instruments are the primary driver. The others are forex and Remittance Services, travel Services, bill Payments and Recharges and payment Solutions for Business.
Who are EbixCash's main competitors?
Direct peers on record are MobiKwik, Yatra Online, Paytm (One97 Communications), PhonePe, MakeMyTrip, EaseMyTrip and IRCTC. Broad incumbents are MoneyGram, Western Union and PayPal India.
Does EbixCash have an API?
No public API is recorded for EbixCash.
What industry is EbixCash in?
EbixCash's product category is Digital Payments & Financial Services. Its primary akta.pro industry code is FSAMAJAA, Biller Direct EBPP Platforms, with a secondary code of FSAMAGAE, Direct Debit / ACH Collections & Recurring Billing. Its NAICS code is 52 and its SIC code is 6199.