*EBIXCASH APPOINTS EMINENT ACCOUNTING, REGULATORY & BANKING SECTOR LEADER - S RAVI TO ITS BOARD OF DIRECTORS, AS IT PROGRESSES TOWARD ITS PROSPECTIVE IPO IN INDIA*
MUMBAI, INDIA – June 7, 2021: EbixCash Private 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 announced the appointment of Mr. S Ravi, as a new independent director to the EbixCash Board. Ravi brings a vast repertoire of experience across banks, financial institutions, insurance companies, tourism industry, stock exchanges and asset management areas - having held Board positions in eminent organizations across these sectors.
Ravi is presently serving as the Chairman and Director of Tourism Finance Corporation of India Ltd. – the premier government owned financial Institution, set-up to promote tourism in India. He also presently serves on the boards of Aditya Birla Health Insurance Company Ltd., Star Union Dai-ichi Life Insurance Company Ltd., Aditya Birla ARC Ltd., IIFL Asset Management Ltd. and SBI Payment Services Pvt. Ltd.
His rich experience includes having served as the Chairman of Bombay Stock Exchange - BSE Ltd and as the Chairman of UTI Trustee Company Pvt Ltd, one of India’s largest mutual funds. He has served on the boards of over 40 leading institutions in India, including insurance companies, a number of public sector banks and public sector enterprises such as UCO Bank, Union Bank, Hindustan Aeronautics Ltd., BHEL and SBI - SG Global Securities Services Pvt Ltd. He was also appointed by Government of India and Reserve Bank of India (RBI) as Chairman of the Technical Experts Committee for Punjab & Sind Bank’s strategic turnaround.
Ravi was nominated as member of the Takeover panel of the Security & Exchange Board of India (SEBI), besides serving on its Mutual Fund Advisory Committee. Ravi has also served on India’s Insurance Regulatory Development Authority (IRDA) as a member of its Insurance Advisory Committee. He is a member of BusinessWorld’s Jury for Festival of FinTech 2021 and served as a jury member on the Institute of Chartered Accountants of India team, that selected the Award for Excellence in Financial Reporting for the year 2012-13.
S Ravi said, “EbixCash has built a global presence today with clients in 44 countries and a leading presence in India in multiple financial technology segments. EbixCash has also become a bellwether in the remittance, foreign exchange and money transaction space. I am extremely glad to join the board of Ebixcash and to be a part of their journey in India.”
“Ravi has a deep understanding of the sectors in which EbixCash operates, built from his tenures at multiple banks, financial institutions, regulated financial intermidiaries and insurance companies, his broad regulatory experience at IRDA, SEBI and RBI and his experience as a chartered accountant.” Robin Raina, Chairman, President & CEO Ebix Inc, said. “As the Chairman of Tourism Finance Corporation of India, he also has a thorough understanding of the travel industry. All of these attributes are extremely valuable to his role on the EbixCash Board as we chart our next cycle of growth and progress towards the prospective IPO.”
Ravi is the Founder and Managing Partner of Ravi Rajan & Co. LLP, a chartered accountancy firm specialising in Forensic Audits, Audits & Assurance, Insolvency Assignments and Turn around Strategies, Valuations and Regulatory Compliance Advisory.
Recent EbixCash Announcements -
• Last week, the Company announced the appointment of Former Chief Economist/ Former Director of the Division of Economic and Risk Analysis at the US Securities and Exchange Commission; and MIT Sloan School of Management Economist and Professor SP Kothari to the EbixCash Board.
• A fortnight back, the Company announced the appointment of Grant Thornton India’s audit affiliate, along with KG Somani & Co as the joint statutory auditors for EbixCash. KGS is one of India’s highly respected national audit firms while Grant Thornton is one of the six largest audit fIrms internationally.
EbixCash is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid and gift cards, utility payments and software solutions for lending, wealth management, bus exchanges and insurance in India and other markets. EbixCash’s "Phygital” strategy combines over 320,000 physical distribution outlets in India and ASEAN countries with an Omni-channel online digital platform. EbixCash ’s Forex operations have a leadership position in India with operations in 20 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCash’s inward remittance business is the clear market leader in India, processing approximately $5 billion in gross annual remittance volume (pre-COVID-19). Through its travel portfolio of Via and Mercury, EbixCash is also one of Southeast Asia’s leading travel exchanges with over 200,000 agents, 25 branches and over 9,800 corporate clients, processing an estimated $2.5 billion in gross merchandise value per year (pre-COVID-19). For more information, visit the Company’s website at www.ebixcash.com
About Ebix, Inc.
With 150+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix develops and deploys a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
The Company’s EbixCash Financial exchange subsidiary is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid/gift cards, utility payments, software solutions for lending, wealth management, bus exchanges and insurance in India and other markets. Ebix and its subsidiaries employ thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com