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Infibeam Avenues launches CCAvenue SoundBox Max

EntrackrEntrackr · 10m ago
Infibeam Avenues launches CCAvenue SoundBox Max
Medial

Fintech firm Infibeam Avenues has launched CCAvenue SoundBox Max, an all-in-one point of sale (POS) device tailored for merchants and retailers across India. According to CCAvenue, SoundBox Max is designed to reshape the payment landscape for retailers and merchants, offering them the flexibility to accept payments from multiple sources—UPI, debit cards, and credit cards. It is also designed to simplify and secure transactions, featuring support for static and dynamic QR payments, as well as contactless (NFC) and chip-based credit and debit card payments. Infibeam Avenues is set to enhance the CCAvenue SoundBox Max with additional value-added features, such as card EMI and brand EMI options, catering to diverse retail sectors including supermarkets, quick-service restaurants, salons, fashion boutiques, and more. The device is fully compliant with EMV L1, L2, PCI PTS, CE, FCC, and RoHS standards, ensuring robust security and performance. Infibeam Avenues claims to have processed transactions worth Rs 7 trillion (about $ 86 billion) in FY24 and currently has over 10 million clients across digital payments and enterprise software platforms. Leading fintech companies such as Paytm, BharatPe, Razorpay, Pibe Labs and PhonePe also launcher their soundbox for merchants and retailers.

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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.

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 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.

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.

Startup news and updates: Daily roundup (September 2, 2024)

YourStoryYourStory · 10m ago
Startup news and updates: Daily roundup (September 2, 2024)
Medial

Non-hospital Medical Tourism company Global Care – Lavanya Medicare Solutions has secured $3 million in strategic investment from 35North India Discovery Fund -II (IDF-II) and its affiliates. Hyderabad-based cab and auto booking app Mana Yatri has onboarded over 35,000 autos and 25,000 cabs in the city. Visual effects company Identical Brains Studios has filed its draft red herring prospectus (DRHP) with NSE Emerge. Fintech platform Tarrakki has partnered with Suryoday Small Finance Bank to develop and offer digital fixed deposits. Aurionpro Payments has gone live as an online payment aggregator. Data Infrastructure Trust has appointed Munish Seth as group managing director of its investment manager, Data Link Investment Manager Private Limited. Zomato organised an EV Bazaar event to promote electric vehicle adoption among delivery partners. Infibeam Avenues has introduced the CCAvenue SoundBox Max, an all-in-one POS device for merchants. The Delhi Transport Corporation's digital QR ticketing system is now live on the ONDC Network. Mercedes-Benz India has appointed Dr Shyam Sunder as the Head of External Affairs and Corporate Citizenship. Easebuzz, in partnership with NPCI, has launched its B2B invoice management and payments platform. LivGuard has witnessed significant customer engagement automation through its partnership with Rezo.ai, resulting in cost savings and improved customer satisfaction.

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