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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.

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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.

Rediff.com Appoints Vishal Mehta as Chairman and Managing Director Following Majority Stake Acquisition by Infibeam Avenues Ltd.

VCCircleVCCircle · 9m ago
Rediff.com Appoints Vishal Mehta as Chairman and Managing Director Following Majority Stake Acquisition by Infibeam Avenues Ltd.
Medial

- Vishal Mehta appointed as Chairman and Managing Director of Rediff.com after Infibeam Avenues Ltd's majority stake acquisition. - Mr. Mehta will also continue to serve as Chairman and MD of Infibeam Avenues Ltd. - Ajit Balakrishnan, previous Rediff.com MD, expresses confidence in Mehta's ability to drive growth and innovation. - Mehta brings expertise in digital innovation and strategic business development, having worked at Amazon and founded Infibeam. - Rediff.com aims to tap into its extensive consumer base to offer AI-powered financial products, leveraging Infibeam's regulatory compliance expertise. - Infibeam Avenues' acquisition of a majority stake in Rediff.com marks a significant milestone for both companies.

Infibeam Avenues restructures UAE unit ahead of ADX listing

EntrackrEntrackr · 4m ago
Infibeam Avenues restructures UAE unit ahead of ADX listing
Medial

Fintech firm Infibeam Avenues Ltd's UAE subsidiary has reorganized its shareholding structure ahead of its listing to amplify its digital payment strategy, as stated in a stock exchange filing. The reorganization involves transferring the mirror shareholding in Avenues World FZ-LLC to its newly incorporated Abu Dhabi entity, Infibeam Avenues ME SPV Ltd. According to the stock exchange filing on Thursday, Infibeam Avenues' wholly-owned UAE subsidiary, Vavian International Ltd, will hold an 80 percent stake in the newly formed Infibeam Avenues ME SPV Ltd. This entity will, in turn, own Avenues World FZ-LLC, the operator behind the widely recognized CCAvenue.ae payment gateway in the UAE. The strategic reshuffling aligns with Infibeam Avenues' bullish outlook on the rapidly expanding digital payments sector in the Middle East and North Africa (MENA) region. The move also aligns with the company's plans to optimize its upcoming ADX IPO fundraising (Abu Dhabi Stock Exchange), which requires the company to have its headquarters in Abu Dhabi. Prior to this, Infibeam Avenues stated that its UAE-based step-down subsidiary, Avenues World FZ-LLC, had raised up to $20 million in a pre-IPO equity placement. The 20% dilution gave the firm a post-money valuation of $100 million. In August 2023, Infibeam Avenues was reported to have processed over AED 1 billion in transactions in a single month. By October 2023, its CCAvenue.ae payment gateway had processed more than AED 24.5 billion in transactions, serving over 5,000 merchants across various industries, including high-profile clients such as Burj Khalifa, Emaar, Damac, Nakheel, and Trump Golf Dubai. Earlier, Infibeam Avenues had introduced mobile-based QR code solutions in the UAE, targeting the growing offline payments sector. This launch marked a pivotal step for the company, as it expanded its portfolio of offerings into the international market, beginning with the UAE. Additionally, Infibeam’s subsidiary in Saudi Arabia recently secured the Payment Tokenization Service Provider (PTSP) certification from the Saudi Arabian Monetary Authority (SAMA), becoming one of the first Indian fintech firms to do so in the Kingdom. The company had also reported impressive year-on-year growth in the region, driven by the launch of initiatives such as express settlement for merchants, CCAvenue TapPay, and an aggressive expansion strategy targeting the digital payments boom in the Middle East.

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