Infibeam

Last updated

Infibeam Avenues Limited
Company type Public
NSE:  INFIBEAM
BSE:  539807
Industry Internet, Fintech
Founded2007;17 years ago (2007)
FounderVishal Mehta
Headquarters GIFT City, Gandhinagar, India
Area served
 India, Middle East, USA & Australia
Services
RevenueIncrease2.svg₹3,171 crore (US$380 million) [1]
 ((FY23-24))
Increase2.svg₹147 crore (US$18 million) [1]  ((FY23-24))
Number of employees
650 (in 2022)
Website https://www.ia.ooo/

Infibeam Avenues Limited is an Indian fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally. [2] [3] [4]

Contents

Through its flagship brand, CCAvenue, the business is present in the payment infrastructure market, processing more than US$ 86 billion in online payments. [5] Infibeam Avenues claims to have more than 10 million merchants on its platform. It also operates in overseas markets like the United States, Saudi Arabia, the UAE, and Australia. [6]

It is headquartered in GIFT City, Gujarat, India with offices in Delhi, Mumbai and Bengaluru. [7]

History

Infibeam Avenues was established in 2007 by Vishal Mehta. [8] The company was listed on the BSE and the NSE in 2016.

It provides its marketplace software platform, BAB, to two of India's four largest eCommerce organisations – GeM and JioMart. [9] [10]

On 7 September 2022, Infibeam Avenues launched its omni-channel mobile app CCAvenue TapPay that allows businesses and entrepreneurs to convert any NFC-enabled Android phone into smart PoS terminals. [11]

In August 2024, Infibeam Avenues Ltd. acquired a 54.1% stake in internet business firm Rediff.com India Ltd. Post-acquisition, Rediff.com became a subsidiary of Infibeam Avenues. [12]

Vishal Mehta, the founder of Infibeam, has assumed the role of Chairman and Managing Director of Rediff.com. He succeeds Ajit Balakrishnan, who has directed the corporation since its inception in 1996. The leadership transition occurs subsequent to Infibeam Avenues Ltd's acquisition of a controlling interest in Rediff.com. [13]

Services

Payment Processing

Infibeam provides a digital payment gateway service through CCAvenue. The CCAvenue Payment Gateway offers multiple payment options, supports 18 different languages, and facilitates transactions in 27 major foreign currencies. It also establishes a secure link between websites, institutions, and banks during transactions.

CCAvenue's 'TokenPay' help merchants to comply with the Reserve Bank of India's data security norms by securing multi-network tokenisation, which works across major card networks, including MasterCard, RuPay, and Visa. [14]

The Reserve Bank of India had granted Infibeam Avenues "in-principle" authorisation to operate as a Payment Aggregator (PA) under the brand CCAvenue, to allow a wide range of online and offline transactions. Payment aggregators allow e-commerce platforms and merchants to accept a variety of payment methods from customers, simplifying the payment process and removing the need for merchants to design their own payment integration system. [15]

The Reserve Bank of India has granted Infibeam Avenues Limited, India's first publicly traded fintech startup, a permanent licence for its bill payments platform, BillAvenue. BillAvenue can use this licence to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Bharat Bill Payment System (BBPS). BillAvenue functions as both a biller and a customer operating unit as a BBPOU, easing the onboarding of Billers and Agent Institutions to service clients. [16]

Merchants Financing/Lending

Infibeam Avenue has a lending aggregation platform called Trust Avenue. The company has facilitated AI-based lending for 3 million merchants through partnerships with banks and NBFCs. [17]

Enterprise ecommerce software platform

Infibeam Avenues' enterprise ecommerce software platform BuildaBazaar hosts India's largest online marketplace for government procurement. The company also entered into a definitive agreement with Jio Platforms to offer its enterprise software licence and enterprise digital payments platform to Jio Platforms and its associates for their internal businesses. [18] [19] [20]

On November 20, 2017, Infibeam Avenues launched BillAvenue, an inter-operable digital bill payments platform built over the Bharat Bill Payment System (BBPS) infrastructure to enable service providers to accept bill payments from customers nationwide, through both online and offline channels. [21]

Data Centre infrastructure services

The company forayed into the segment of infrastructure or data centre-as-a-service, and built a state-of-the-art Tier-III data centre in GIFT City, Gandhinagar. It received Tier-III design certification from Uptime Institute as it is equipped with fully redundant and dual-powered servers, storage, network links and other IT components. [22] Infibeam Avenues has partnered with IBM India to develop implement and promote blockchain capabilities on the LinuxOne platform. [23] [24]

Artificial Intelligence

Infibeam Avenues announced its entry into the AI-enabled fraud detection industry on August 8, 2023, with the goal of developing Artificial Intelligence (AI) solutions for authentication, fraud detection, and risk identification in both domestic and worldwide markets. In the beginning, the company will focus on the digital payments and financial industries, employing AI and machine learning algorithms to detect online transaction fraud in real time. Infibeam Avenues also intends to build India's first AI HUB at GIFT City. [25]

Mergers & Acquisitions

YearTypeCompany NameNotesValuation/StakeCites
2024Acquisition Rediff.com Rediff.com is a Mumbai-based internet company, founded in 1996. It provides news and information, enterprise email services and an online digital marketplace.54% acquired [12]
2024InvestmentXDuceXDuce is an enterprise app and AI development company that specialises in building AI solutions for businesses to optimise their internal operations and customer-facing systems.20% acquired [26]
2023InvestmentPirimid FintechPirimid Fintech is a capital markets financial software provider. The company develops customised capital markets and digital lending products, tools, and services to meet the industry's needs, globally.49% acquired [27]
2022InvestmentVishko22Vishko22 is a software startup that develops omnichannel enterprise software products and services for domestic and international ecommerce marketplaces.Acquired 50% stake [28]
2022AcquisitionSoftPOSSoftPOS startup Uvik TechnologiesRs 75 crore [29]
2020AcquisitionCardpay Technologies Ltd.Bengaluru-based Cardpay Technologies provides unified spend management platform to corporatesNA [30]
2018AcquisitionInstant Global Paytech Pvt. Ltd (IGPL)Mumbai-based digital payments tech firm Instant Global Paytech Pvt. Ltd (IGPL), which operates Go PaymentsAcquired 48% stake [31]
2017MergerCCAvenueInfibeam and Avenues (India) Private Limited entered into a binding agreement to merge and take control of CCAvenue through Equity StakeNA [32]
2017AcquisitionDRC Systems India Pvt LtdInfibeam Avenues acquired DRC Systems India Pvt Ltd, a company which provides software services for enterprise E-commerce, ERP and related fieldsMoU [33]
2014AcquisitionOdigmaInfibeam acquired Odigma, a digital marketing company$5 million [34]

Partnership

YearTypeCompany NameNotesStatusCites
2024MoU Entrepreneurship Development Institute of India (MoU) aims to accelerate the adoption of Artificial Intelligence (AI) across enterprises, start-ups, and MSMEs.Active [35]
2024MoU Government of Gujarat Infibeam Avenues Ltd has signed a Memorandum of Understanding (MoU) with Gujarat government for a proposed investment of ₹2,000 crore in its Artificial Intelligence (AI) Hub at GIFT City by financial year 2030.In Progress [36]
2020License deal Jio Platforms The company signed a deal to license its e-commerce and payment software with Jio Platforms, Reliance Jio's digital platform ventureActive [37]
2020Agreement JPMorgan Chase Bank Infibeam Avenues entered into a definitive agreement with JPMorgan Chase Bank to use the company's flagship enterprise payment platform CCAvenue for processing transactions for its enterprise clientsActive [38]
2020PartnershipBank Dhofar SAOGInfibeam Avenues partnered with Oman's Bank Dhofar SAOG to provide CCAvenue payment gateway service to process online card transactions of various payment networks for Bank Dhofar SAOG and help the bank authorize online payments for its customersActive [39]
2020Partnership Bank Muscat Infibeam Avenues collaborated with Bank Muscat, a financial services provider in the Sultanate of Oman Active [40]
2019Partnership Riyad Bank Infibeam Avenues partnered with Riyad Bank for digital payments servicesActive [41]
2017Contract Government e Marketplace Infibeam Avenues along with consortium partners entered a contract for managed service provider from the Government of India to design, develop, implement, operate and maintain the Government e-Marketplace portal (GeM)Active [10]

Awards and recognition

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References

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  3. ↑ "Migration Message" (PDF). Suvideals.ooo.
  4. ↑ "Infibeam's BillAvenue adds 1 million agents; targets reaching 5 million agents by 2025". The Economic Times. 6 March 2023.
  5. ↑ "Infibeam Avenues Unveils CCAvenue SoundBox Max, A Next-Generation Payment Solution for Merchants - Indian Startup Times". Indianstartuptimes. 3 September 2024.
  6. ↑ "Infibeam Avenues Ltd deepens its reach in digital payments". EquityBulls. 4 January 2023.
  7. ↑ S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 29 April 2013.
  8. ↑ Suresh P. Iyengar (6 October 2013). "No competitors here, all are partners". The Hindu Business Line. Retrieved 8 December 2014.
  9. ↑ "Infibeam enters into an agreement with Reliance Jio for its enterprise solutions". Moneycontrol. 5 October 2020.
  10. 1 2 Suneja, Kirtika; Agarwal, Surabhi. "Intellect, Infibeam bag contract for government marketplace". The Economic Times.
  11. ↑ "Infibeam Avenues launches mobile app with TapPay feature". The Economic Times. 30 June 2022.
  12. 1 2 "Infibeam Avenues acquires 54.1% stake in Rediff.com for ₹50 crore". BusinessLine. 2 August 2024.
  13. ↑ "Infibeam founder Vishal Mehta becomes Rediff's new Chairman and Managing Director". Business Today. 4 October 2024.
  14. ↑ Umarji, Vinay (4 November 2021). "Infibeam's CCAvenue starts TokenPay to help merchants comply with RBI norms". Business-standard.com.
  15. ↑ "Infibeam Avenues receives RBI in-principle nod for payment aggregator licence". The Economic Times. 27 October 2022.
  16. ↑ "Infibeam Avenues announces perpetual renewal of 'Bharat Bill Payment' license by RBI". cnbctv18.com. 26 December 2022.
  17. ↑ "Infibeam Avenues plans AI-based lending for its 3 million merchants through tie-ups with banks, NBFCs". Financialexpress. 10 August 2021.
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  24. ↑ "Infibeam Avenues partners with IBM to deploy blockchain solutions in India". Techcircle. 21 December 2018.
  25. ↑ Thathoo, Chetan (9 August 2023). "Infibeam To Foray Into Fraud Detection Market With Its AI HUB In GIFT City". Inc42 Media.
  26. ↑ "Infibeam Avenues Acquires 20% Stake In US-Based AI Development Company XDuce For $10 Mn". Inc42 Media. 25 February 2024.
  27. ↑ "Infibeam Avenues picks up 49% stake in Ahmedabad-based Pirimid Fintech". Business Standard.
  28. ↑ "Infibeam Avenues invests in software startup Vishko22". The Economic Times. 25 August 2022.
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  30. ↑ "Infibeam Avenues acquires Cardpay Technologies". The Economic Times. 8 June 2020.
  31. ↑ "Infibeam Avenues invests in Instant Global Paytech". www.businesstoday.in.
  32. ↑ "Infibeam set to merge payment gateway firm CCAvenue with itself". Techcircle. 14 February 2017.
  33. ↑ Dutta, Vishal. "Infibeam acquires cloud ERP solutions provider DRC Systems". The Economic Times.
  34. ↑ "Infibeam acquires digital marketing firm ODigMa for $5 mn". Business Standard India. 24 February 2014.
  35. ↑ "EDII and Infibeam Avenues Ltd partner to revolutionise AI adoption for enterprises, MSMEs, start-ups". ThePrint. 24 June 2024.
  36. ↑ Nair, Avinash (9 January 2024). "Infibeam Avenues Ltd signs ₹2,000-cr MoU with Gujarat govt". BusinessLine.
  37. ↑ "Infibeam Avenues signs deal to license ecommerce and payment software to Jio Platforms". The Economic Times. 5 October 2020. Retrieved 11 October 2020.
  38. ↑ Market, Capital (14 October 2020). "Infibeam Avenues rises on signing agreement with JP Morgan". Business Standard India.
  39. ↑ "Infibeam Avenues inks deal with Oman's Bank Dhofar for online payments". The Financial Express. 9 October 2020.
  40. ↑ Dave, Sachin. "Infibeam enters Oman e-commerce market, ties up with Bank Muscat". The Economic Times.
  41. ↑ Dutta, Vishal. "Riyad Bank: CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space". The Economic Times.
  42. ↑ "ETBFSI Excellence Awards: 32 winners who made a difference in BFSI sector celebrates with Abhinav Bindra - ET BFSI". ETBFSI.com.
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