Leading supplier of On-Demand software solutions and e-commerce services Ebix Inc has acquired 67% stake in Delhi-based B2B truck logistics firm Routier. The company said in a statement that Routier is Ebix’s first strategic startup investment.
INC 42 reported that Ebix CEO Robin Raina said in the statement: “India’s trucking industry has an opportunity to deliver tremendous value and efficiency, and thus we are excited to be partnering with Routier.”
The deal has been carried out by India’s largest non-bank entity EbixCash. “Routier recently secured multi-million dollar commitments from a few large multinational corporations, and thus needed the backing of Ebix in terms of technology expertise, manpower and working capital to implement and scale these and other opportunities. We are excited to invest in this pioneering effort at an opportune time, and look forward to building what could be a large marketplace for the trucking industry,” he added.
In 2017, Ebix reported its revenue went up 22% to $364mn from previous year’s revenue of $298.3mn.