Business

Ebix investment in India to be close to $1 billion with Yatra acquisition

Updated : July 17, 2019 06:08 PM IST

The Atlanta-headquartered company acquires Yatra for $336 million on Wednesday.

We are trying to build an ecosystem in India, a complete end-to-end financial exchange, says Raina.

Ebix investment in India to be close to $1 billion with Yatra acquisition

US-based software firm Ebix Inc's investment in India would be close to $1 billion with the acquisition of Yatra Online Inc. The Atlanta-headquartered company has acquired Yatra for $336 million on Wednesday.

In a recent interview with CNBC-TV18, Robin Raina, Ebix chairman and chief executive officer said: "We are trying to build an ecosystem in India, a complete end-to-end financial exchange and the acquisition of Yatra is a step in that direction. We already are the largest financial exchange in India and we consider travel a very integral part of building this financial ecosystem."

"As of now, the company conducts in excess of $2.5 billion of growth merchandise value (GMV) on their platforms. The acquisition of Yatra would add another $1.5 billion of GMV and increasing their GMV to $4 billion," Raina said.

"It is a win-win situation for our shareholders. We thought if we offer 85 percent premium, it provides a substantial premium to the existing Yatra shareholders," Raina observed.

Have you signed up for Primo, our daily newsletter?

It has all the stories and data on the market, business, economy and tech that you need to know.

To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more