Eraaya Lifespaces - now renamed Ebix Limited - is a holding company that owns Ebix Inc., the American software-and-payments group it bought out of U.S. bankruptcy in mid-2024. Before that acquisition, the company was a defunct cycle manufacturer that had ceased operations entirely, then briefly tried hospitality and digital marketing after a change of control in 2022. The recurring pattern is simple: the group acquires platforms that already sit inside critical infrastructure - insurance exchanges, payment rails, government ticketing networks - and then scales them by plugging in more participants on both sides.
Business segments
Four engines at different stages - a global insurance-software backbone, a high-volume payments-and-forex network, a travel-distribution platform, and a digital-education business - all acquired in a single transaction and now run under a decentralized structure.
1. Ebix Technologies: the insurance-software backbone
On-demand software and digital exchanges that insurers, brokers and governments already run on - the group’s deepest moat, operating in more than 75 countries.
- Insurance exchanges that the industry logs into daily - in Australia, the Sunrise Exchange platform processes transactions for over 775 broking firms every month, and insurers like GT Insurance (backed by Allianz) launch their products on it under multi-year agreements.
- A Latin American platform that processes billions of reais - Ebix Latin America’s Digital New Business Platform connects insurers, brokers and distributors with straight-through processing, and recently onboarded three carriers including CNP Seguradora (part of one of Europe’s largest insurers) and Icatu Seguros, Brazil’s independent leader in life and pension.
- Government-scale ticketing infrastructure - in India, Ebix Technologies holds a ₹140 crore contract with Maharashtra’s state road transport corporation to roll out the National Common Mobility Card statewide, building on an earlier deployment of 38,622 electronic ticketing machines that have already issued roughly 220 crore passenger tickets across a fleet of over 16,000 buses.
- Outsourced operations that clients keep for years - EbixCash Global Services runs 6,000 seats across 10 cities, providing front- and back-office processing to utilities, public-sector banks and NBFCs, with client relationships averaging more than seven years.
2. Ebix Payments: the cash-and-forex network
A “phygital” payments engine that combines over 650,000 agent outlets with digital platforms - moving roughly $10 billion a year in remittances and foreign exchange.
- Forex at the country’s entry points - EbixCash World Money operates 100 branches across 77 cities and more than 16 international airports, plus franchise and duty-free locations, and handles over $4.8 billion in gross annual forex transaction value.
- The remittance pipe into India - the inward remittance business conducts approximately $5 billion in gross annual volume, partnering with Western Union and MoneyGram for cash-to-cash transfers.
- Direct settlement rails that cut out middlemen - a partnership with Luxembourg-based Banking Circle lets EbixCash settle transfers directly through local payment rails in the UK, EU, US, Canada, Australia, Singapore and the GCC, eliminating delayed settlements and intermediary charges.
- A prepaid card built on a ledger architecture - the Legend Card, co-branded with Lotus India Pay (a Y Combinator-backed fintech later acquired by Juspay), supports POS, e-commerce, QR and UPI-linked transactions, issued digitally-first with an optional physical card.
3. Ebix Travel: the distribution platform for agents and corporates
One of Southeast Asia’s leading travel exchanges, with over 500,000 agents and roughly 18,000 corporate clients plugged into its booking platforms.
- A marketplace that small agents plug into - the Via.com platform processes an estimated $2.5 billion in gross merchandise value annually, and its Business Associate Centre initiative turns local travel agents into full-service hubs by giving them access to international inventory, technology and marketing tools, with 20-plus centres already live across a dozen states.
- Corporate travel and luxury trains - Ebix Travels runs the Deccan Odyssey and Palace on Wheels luxury trains, handles MICE (Meetings, Incentives, Conferences and Exhibitions) for corporates, and was appointed official travel partner for the government-backed WAVES Bazaar 2025 media-and-entertainment marketplace.
4. Ebix Smartclass: the digital-education bet
A K-12 digital-learning business already inside 10,000-plus schools, now layering an AI-and-coding curriculum on top of its installed base.
- Government and defence contracts - the business supplies Army Schools, Airforce Schools and the Government e-Marketplace, where it holds a seller rating above 4.4, giving it a pipeline that does not depend solely on private-school budgets.
- An AI curriculum riding the existing network - in mid-2025, Ebix launched “Ebix AI School,” a nationwide AI and coding programme for Grades 1-12 aligned with India’s National Education Policy, rolling out first to schools already using Smartclass.
Group structure and partners
A holding company that acquired Ebix Inc. out of Chapter 11 and is now absorbing the residual minority stake to make it a wholly owned subsidiary.
- Eraaya Lifespaces (now Ebix Limited) holds 97.58% of Ebix Inc., with the remaining 2.42% held by two minority funds; the board has approved issuing shares to those minority holders to eliminate the residual interest and make Ebix Inc. wholly owned.
- The promoter, Just Right Life Limited, held 3.64% of the expanded capital as of January 2, 2026, post the conversion of warrants, with warrants still pending conversion that would increase its stake further.
- Key operating subsidiaries sit under Ebix Inc.: Ebix Technologies Limited (India), EbixCash World Money Limited (India), Ebix Travels Private Limited (India), Ebix Smartclass Educational Services Private Limited (India), EbixCash Global Services (India), Ebix Australia Pty. Ltd., and Ebix Latin America Tecnologia E Consultoria Ltd (Brazil).