Indian online payment startup Ebixcash, part of software to e-commerce platform Ebix Inc, intends to buy forex products provider Essel Forex and Weizmann Forex for 57.4 million.

Ebixcash World Money has agreed to acquire a controlling 74.84 percent stake in Weizmann Forex.

Further, the startup also agreed to buy 100 percent assets of Essel Forex, operated by Indian financial services to technology company Essel Group, for $8 million, which will be funded using internal accruals and bank credit lines.

Ebixcash said that the move will enhance its networks especially in financial services space covering more than 3,700 cities and more than 6,000 districts as well as cement its position in the financial services distribution.