Founded in 1985, Delphi World Money Limited erstwhile EbixCash World Money India Ltd, a subsidiary of EbixCash World Money Limited, is a leading Foreign Exchange Services Company based out of Mumbai, India. Formerly known as Weizmann Forex Limited, the Company was acquired by EbixCash World Money Limited in 2019 and was renamed to EbixCash World Money India Ltd w.e.f. 1st January, 2020 later on renamed as Delphi World Money Limited w.e.f. 09th August, 2021.
The Company is a Registered Authorized Dealer Category II licensed by the Reserve Bank of India to provide the various services relating to money changing and is one of the principal representatives of Western Union Financial services, USA for money transfer services. It offer innovative, customized, and integrated financial solutions, relating to Foreign Exchange Services, Outward & Inward Remittances, Prepaid Cards, Gift Cards, and Travel Insurance needs of our corporate and retail clients.
The Company established their own branches of over 165 plus, about 260 extension counters exclusively for Western Union Money Transfer and has tied up with 6000 entities including public sector and private sector banks, NBFCs, large corporations as sub-representatives. The aggregate outlets engaged in Western Union Money Transfer services for the company is over 32,000 spread across India.
The company is a marketing agent for co-branded Citibank World Money card (CWM) issued by Citibank and Travel Money Card issued by Axis Bank Ltd.
The company has one subsidiary company, namely Vedang Tours and Travels Ltd and one joint venture company namely, Horizon Remit SDN BHD, Malaysia. The joint venture company is an agent of Western Union Network (Ireland) Ltd.
The Company embarked on a restructuring exercise involving merger of two subsidiaries of Weizmann Ltd into Weizmann Ltd & demerger of two Business Undertakings from Weizmann Ltd into two resultant companies vide a Composite Scheme of Arrangement.
As per the Scheme of Arrangement, the Forex Business Undertaking of Weizmann Limited was transferred & vested into Chanakya Holdings Limited effective from April 1, 2010. As per said Scheme, the Company name was changed from Chanakya Holdings Limited to Weizmann Forex Limited effective December 29, 2010. Pursuant to the Scheme, Company issued 1,15,14,357 equity shares of Rs. 10 each to shareholders of Weizmann Limited, vide allotment dated 16.12.2010. Post allotment, Company listed its equity share capital on Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE) with effect from June 28, 2011.
In 2010-11, the company invested in a joint venture company, Horizon Remit SDN BHD, Malaysia, which is engaged in business of Money transfer both outward and inward in Malaysia.
In 2023, Ebix Group has acquired a number of money transfer businesses and money changing businesses apart from travel and software related entities. The Company has over 60,000 network locations and has tie up with all the leading overseas money
transfer players like Western Union, MoneyGram, Ria Financial Services, UAE Exchange and Transfast.