Infibeam Avenues Limited, India’s first listed e-commerce entity is doubling down on its FinTech play with an investment of ₹250 crore to build a backend Blockchain enabled FinTech platform catering to BSFIs, SMBs, and Corporates.
FinTech or Financial Technology, is a technology innovation that aims to compete with traditional methods and uses technology to improve activities in Finance.
As per Vishal Mehta, CMD, Infibeam Avenues, the move is in line with the company’s continued focus to divest its non-core businesses including consumer marketplace (B2C) and broadband satellite communications services to focus on riding the financial inclusion wave and provide FinTech solutions to fast-growing new small and medium businesses in e-commerce.
Infibeam was founded in 2007 by Vishal Mehta and is an Indian Internet and e-commerce conglomerate involved in digital payments, online retailing, e-commerce software and internet services.
Vishal Mehta said, “Infibeam will focus on building infrastructure and service computers for secure data storage. Its infrastructure will have Cloud-based Tier-3 Data center which will be able to provide real-time high-speed data computing & storage, with no downtime. The fund will be drawn from the proceed of its IPO. With the data localization law coming in we have an opportunity to provide to others our facilities as demand surges”.
Infibeam in last one year acquired CC Avenue, a multi-level channel payment processing services, an online digital payment processing company ‘Vavian International’ and picked up 48% stake in Mumbai-based ‘Go Payments’ in a bid to strengthen its FinTech Play.
In 2016, Infibeam invested ₹250 crore to purchase 16 floors of GIFT city tower at Gandhinagar, to build a cloud data center and technologies capabilities for captive use.
Despite of stock market crash, Infibeam recorded a net profit of ₹26.6 Cr in Q3 of FY 2019 and Infibeam’s stock closed at ₹39.50 last week on Bombay Stock Exchange (BSE).