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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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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.

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 Avenue reports 43% growth in PAT in Q1 FY25

EntrackrEntrackr · 11m ago
Infibeam Avenue reports 43% growth in PAT in Q1 FY25
Medial

Fintech firm Infibeam Avenues on Friday released its financial results for the first quarter of the ongoing fiscal year (Q1 FY25). The company witnessed a 3.6% increase in gross revenue whereas its profit spiked 43% growth during the quarter ending June 2025. Infibeam Avenues’s gross revenue grew to Rs 753 crore in Q1 FY25 from Rs 727 crore in Q4 FY24, according to the company’s unaudited consolidated quarterly report filed with the National Stock Exchange. The payment business formed 93.6% of the total revenue which stood at Rs 705 crore in Q1 FY25 while the income from providing customized e-commerce solutions brought Rs 39.3 crore to its coffers. Infibeam claims to have over 10 million merchants, with an average daily addition of more than 2,550 merchants in Q1 FY25. At the end, its other operating and financial income pushed Infibeam Avenues’ overall revenue to Rs 781 crore in Q1 FY25 from Rs 743 crore in Q4 FY24. On the cost front, the operating expenses (including payment processing cost) formed 90% of the overall expenditure. This cost remained flat at Rs 634 crore in Q1 FY25. The firm’s spending on employee benefits, legal, and other overheads took its overall cost up by 3.5% to Rs 703 crore in Q1 FY25 from Rs 679 crore in Q4 FY24. The increase in other income and consistent growth in scale helped Infibeam to register a 42.9% spike in its profits to Rs 70 crore in Q1 FY25 from Rs 49 crore in Q4 FY24. On a unit level, The Ahmedabad-based company spent Rs 0.93 to earn rupee in Q1 FY25. The company also acquired a majority stake (54%) in Rediff.com. The acquired company will become a subsidiary of Infibeam Avenue. “With this synergy, we are poised to unlock new dimensions of growth, redefining the essence of cloud and fintech engagement,” said Vishal Mehta, Chairman and MD of Infibeam Avenues. Infibeam Avenue is currently trading at Rs 32.42 (as of 03.00 PM) and its total market capitalization stood at Rs 9,019 crore or $1.1 billion.

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