Infibeam Avenues Consolidates International Business To Tap New Markets
Sep 24, 2022
As part of the plan, Infibeam will transfer its three subsidiaries in Australia, US and Saudi Arabia to Vavian International, its UAE‐based wholly‐owned subsidiary
Following the restructuring, the three subsidiaries will become Infibeam Avenues’ step‐down subsidiaries
The company is aiming to increase its global play in the digital payments space with its flagship brand CCAvenue
Digital payments solutions company Infibeam Avenues is consolidating its international business to aggressively tap and expand its global digital payment gateway infrastructure market. In a release, the company said that as part of the restructuring exercise for consolidation, its three fully-owned international subsidiaries – Infibeam Avenues Australia Pty Ltd (Australian market), AI Fintech Inc. (USA market), and Infibeam Avenues Saudi Arabia for Information Systems Technology. Co (Saudi Arabia market) – will become its step‐down subsidiaries. They would be transferred to Infibeam Avenues Ltd’s UAE‐based wholly‐owned subsidiary, Vavian International Ltd, which the company claims to be the second largest payment aggregator in UAE. Infibeam Avenues’ board has also approved the consolidation. The firm said that it is planning to increase its global play in the digital payments space with its flagship brand CCAvenue, which is a digital payment gateway infrastructure provider in India, processing at an annual run rate (ARR) of INR 3.9 Lakh Cr. Currently, the international business contributes 6% to Infibeam Avenues Ltd’s total revenue, and the company is looking to further boost this business. It believes that the consolidation approach would be helpful in increasing the diversification of its business through expanding and strengthening in various other geographies. As per the company, CCAvenue is the second largest payment aggregator in the UAE and is rapidly expanding in the Middle East and North Africa (MENA) region, processing payments at an ARR of 12 Bn UAE Dirham (AED). Recommended For You:
24th September, 2022
“To keep pace with the emerging potentials and requirements of the international market for digital payments infrastructure, the consolidation of international business out of UAE will be a crucial step in our pursuit to become a global fintech & payment infrastructure company,” said Vishal Mehta, managing director of Infibeam Avenues. The company is currently present in international markets such as the USA, the KSA region, the UAE, and Australia, and believes that it is well-positioned to deliver a technology platform and payment infrastructure that can set up seamless digital services and facilitate banks, non-banking financial companies (NBFCs), financial institutions, government, fintech and other stakeholders in the payments ecosystem to enable their digital play quickly. Infibeam Avenues is looking to tap the growing number of real‐time digital payments customers worldwide. It has also partnered with Riyad Bank in KSA and several other banks in the region for digital payment services. Founded in 2007 by Mehta, Sachin Dalal, and Neeru Sharma, Infibeam Avenues provides end-to-end ecommerce payments solutions to enterprises, retailers, and others. In June, the company announced its Australia expansion . Besides, Infibeam Avenues acquired a 50% stake in SaaS startup Vishko22 Products and Services last month to cater to the growing demand for omnichannel software. It reported a 69% year-on-year (YoY) jump in its consolidated profit after tax (PAT) for Q1 FY23 to INR 23 Cr. However, on a quarter-on-quarter (QoQ) basis, it was a 20% decline. At the time of the results announcement, the firm said that 6.4 Mn merchants were using its platform.