Ebix Inc which operates ItzCash is in process to buy YouFirst Money Express Pvt. Ltd business of money transfer service scheme. The deal amount is not disclosed by the company.
Youfirst has managed to expand its business network of 36 MTSS and more than 10,000 sub-agents in India. It further claims to get hold of over 2.3 million transactions annually worthe more than $800 million.
Vikrant Gugnani, Executive of Citibank and RCapital promoted YouFirst Money Express which currently operates under YouFirst Ventures Pvt. Ltd. The company offers inward remittance and foreign exchange services. It is also one of the largest agent of Western Union that helps in money transfer services in India.
It has a market share of around 15% of Western Unions India inward remittance flow. The acquisitions of YouFirst and Wall Street Finances MTSS inward remittance assets will give Ebix a 25% share of the inward international remittance market in India, strengthening its position in the financial exchange market in the country, Ebix said in a statement.
ItzCash has more than 75,000 physical retail outlets in the country. With the two acquisitions, its distribution network will reach 94,000 outlets, company statement added.
Robin Raina, CEO of Ebix said, The acquisition will not only help expand our reach but will help nurture cross-selling and revenue opportunities for our distribution outlets.