In this paper, we construct an efficient "multi-receiver identity-based encryption scheme". Our scheme only needs one (or none if pre-computed and provided as a public parameter) pairing computation to encrypt a single message for n receivers, in contrast to the simple construction that re-encrypts a message n times using Boneh and Franklin's identity-based encryption scheme, considered previously in the literature. We extend our scheme to give adaptive chosen ciphertext security. We support both schemes with security proofs under precisely defined formal security model. Finally, we discuss how our scheme can lead to a highly efficient public key broadcast encryption scheme based on the "subset-cover" framework.