EbixCash up on the market however patrons not in sight 

In lower than three months of submitting for chapter within the US, Ebix is claimed to have put its Indian operations on the block. The choice to promote EbixCash follows the grime or no prospects left for itemizing the Indian operations. In December 2022, EbixCash has filed its papers for ₹6,000 crore of preliminary public providing (IPO).

Additionally learn: EbixCash permits UPI for G-20 travellers visiting India. Know the way it works

Sources say the IPO plans didn’t glide easily even with the market regulator as SEBI had looked for additional data on litigations surrounding the corporate. An up to date crimson herring prospectus hasn’t been filed since.

In the meantime, with ongoing chapter proceedings within the US firming up, repatriating cash from the Indian entity can be seen very vital within the course of. “EbixCash is the one potential money cow for Ebix and with IPO unlikely to undergo, the following greatest answer is to seek out purchaser for the corporate,” mentioned a extremely positioned supply conscious of the matter.

Sources additionally add that with the US swamped in chapter, EbixCash has the danger of dropping its remittance licences as properly. “Normally, the banking regulator doesn’t entertain firms to commerce their licenses for valuation or to seal a deal”.

E mail despatched to EbixCash looking for affirmation remained unanswered until press time.

Powerful deal

In accordance with sources three key gamers within the fintech and non-bank area evinced curiosity in EbixCash. “But it surely didn’t materialise to even the stage of due diligence due to innumerous authorized points surrounding the corporate. Finally, it’s boiling to reputational points concerning the firm which makes it robust to foretell the draw back danger of those pending instances,” mentioned an business supply conscious of the event. The hesitation round EbixCash is regardless of the corporate holding management place in inward cash remittance, journey and foreign exchange companies.

Additionally learn: EbixCash turns into first entity to allow UPI for international nationals

These are mentioned to be extremely worthwhile companies, although folks within the know say the 24 acquisitions (greater than half of it being India particular) between 2005–2018 has helped it safe the highest spot within the nation. The corporate is claimed to have spent $1.8 billion, together with the $150 million spent to amass ItzCash in 2017.