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India's Infibeam Avenues buys 20% stake in US-based AI startup XDuce for $10 million

IndianStartupNewsIndianStartupNews · 1y ago
India's Infibeam Avenues buys 20% stake in US-based AI startup XDuce for $10 million
Medial

Infibeam Avenues, an AI-powered fintech company, has acquired a 20% stake in XDuce, an enterprise application and AI development company, for $10 million. XDuce is based in the US and serves high-profile clients in the finance and insurance sectors. The acquisition will allow Infibeam Avenues to tap into XDuce's network to expand its Phronetic AI Solutions and CCAvenue Payments business in the US. The integration will enhance XDuce's solutions by leveraging Infibeam Avenues' PhroneticAI capabilities, particularly in fraud detection and risk identification. The investment will also support Infibeam's goal of growing its international business to 30% of total revenue in the next few years.

Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence

EntrackrEntrackr · 1y ago
Infibeam Avenues receives RBI’s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand – CCAvenue. While Infibeam Avenues already received “in-principle” approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company’s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

Infibeam’s Rediff.com secures NPCI license to offer UPI services

EntrackrEntrackr · 5m ago
Infibeam’s Rediff.com secures NPCI license to offer UPI services
Medial

Infibeam’s Rediff.com secures NPCI license to offer UPI services Infibeam Avenues announced that its subsidiary, Rediff.com, has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay. According to the company, NPCI's official communication confirmed the approval, with Axis Bank serving as the Payment System Provider (PSP). This license enables RediffPay to offer Unified Payments Interface (UPI) services to its users, marking Infibeam Avenues' strategic entry into the consumer-facing digital payments sector. The company had previously applied for the TPAP license following its acquisition of a controlling stake in Rediff in 2024. In August 2024, Infibeam Avenues acquired a 54% stake in Rediff.com India to relaunch Rediff.com as a consumer-facing digital financial services aggregator. “We are thrilled that our subsidiary has received the TPAP license from NPCI, allowing us to extend UPI services through RediffPay. This milestone aligns with our vision to enhance financial inclusivity and offer seamless digital payment solutions to consumers across India,” said Vishal Mehta, Chairman and MD of Infibeam Avenues. RediffPay aims to leverage Rediff's substantial web traffic and Infibeam's fintech expertise to provide a user-friendly platform for secure and efficient digital transactions. The company plans to introduce a range of financial services, including credit and wealth management products, to cater to the diverse needs of its users. This development follows Infibeam Avenues' recent achievements, including receiving final authorization from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway brand, CCAvenue. Infibeam’s revenue from operations spiked to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24. The company’s profit after tax rose 50% to Rs 64.4 crore during the period.

Infibeam Avenues acquires majority stake in Rediff.com

EntrackrEntrackr · 11m ago
Infibeam Avenues acquires majority stake in Rediff.com
Medial

Fintech company Infibeam Avenues has acquired 54% stake in Rediff.com India Ltd. This internally funded acquisition will align Infibeam Avenues to the beginning of its consumer facing digital financial service as an aggregator backed by a mainstream news, cloud based enterprise email storage, and collaboration platform. According to Infibeam Avenues, the majority stake will signify a step towards amplifying the company’s products & services, and the company expects to witness double-fold revenue growth with its entry into the financial sector as an aggregator in coming quarters. Infibeam will harness the strengths of Rediff.com, along with its organic traction among its news audiences which has more than 5,000 corporate email clients and amplifies its business growth across its product and service offerings in both domestic and international markets. Launched in 1996 by Ajit Balakrishnan, Rediff.com provides diverse services including cloud based enterprise email storage, content distribution and related commerce services offering a broad digital platform. It claims to have a substantial user base & data assets and ranks amongst the top 1,000 sites globally in traffic with more than 55 million monthly visitors, providing valuable insights into user behavior, preferences, and spending patterns. The company’s user base offers cross-selling financial products using artificial intelligence such as loans, insurance, and investment products. Infibeam Avenues provides digital payment gateway (CCAvenue), enterprise software platforms, and AI solutions to various businesses and government entities. It also offers a digital banking suite for corporates and SMEs, money transfer solutions for banks and businesses, and correspondence banking services for unbanked individuals.

Infibeam Unveils New AI Platform To Help Businesses With Advanced Video Analytics

Inc42Inc42 · 1y ago
Infibeam Unveils New AI Platform To Help Businesses With Advanced Video Analytics
Medial

Infibeam Avenues, a listed fintech company in India, has launched an artificial intelligence (AI) developer platform called THEIA. This platform enables organizations to analyze and leverage AI video analysis for various applications, including sports analytics, media optimization, traffic management, retail optimization, and government applications. Infibeam plans to open the platform for organizational subscriptions by the end of Q1 FY25. The company has already invited app developers and experts to explore and utilize the platform and provide feedback. Infibeam has been focused on developing AI-led surveillance capabilities and is also a stakeholder in AI surveillance startups Staqu and XDuce.

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