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. Sunil Srivastav, as a new independent director to the EbixCash Board. Sunil is a career banker, having retired as Deputy. Managing Director of the Corporate Accounts Group at India’s largest bank – State Bank of India (SBI), after serving the bank for 38 years.
Sunil brings a vast repertoire of experience across the international banking sector having spent a major part of his career in corporate banking at SBI, investment banking at SBI Capital Markets Ltd., besides a 5 year stint at SBI’s New York office.
Sunil is presently serving as a Senior Advisor to one of India’s largest investment banking firms Edelweiss. He is also serving as a Senior Advisor to the World Bank for their Energy and Extractives program in India. Sunil is also an Independent Director on the boards of a number of public companies.
His rich experience includes having served as the Deputy Managing Director for Corporate Strategy and Digital Businesses for SBI, where he spearheaded the growth oriented programs and projects of the Bank. He initiated the Bank’s foray into digital delivery of financial products and services including but not limited to areas like Wealth Management, e-wallet and the next generation mobile banking solution. His experience with SBI includes setting up of sophisticated e-branches and strategic collaborations with other Institutions and Fintechs in the area of digitization.
Sunil Srivastav said, “EbixCash has a broad expanse across the financial sector both on the B2C and B2B side – be it payment solutions, pre-paid cards, remittance, foreign exchange, bill payment etc. on the B2C side and then techniology based services like lending, wealth & asset management, insurance etc. for the Banks and financial instiutions – all fields relevant to my career, that I can humbly contribute to. I am delighted to join the board of EbixCash and to be a part of their journey in India.”
Robin Raina, Chairman, President & CEO Ebix Inc, said “Sunil brings an indepth understanding of the sectors EbixCash operates in and we value that highly. His expertise as an international banker besides his independent Board expeience, brings an additional financial acumen and oversight to the EbixCash Board. All of these attributes are very valuable to us as we head into the prospective IPO and the next cycle of growth for EbixCash.”
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