India’s first profitable E-commerce company Infibeam will seek shareholders approval on June 28 to expand business in IT industry and also to launch a payments bank.
The Gujrat based company said in its official statement, “We are looking to enter into payment bank business and to raise Rs 2,000 crore”.
The company has also proposed to change the name from Infibeam Incorporation Limited to “Infibeam Avenues Limited”.
Infibeam business profit in 2018 was more than doubled after tax to Rs 88.1 crore from Rs 43.5 crore a year ago.
The e-commerce venture is also mulling to explore the business opportunity in the manufacturing of IT hardware.
The company seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other pre-paid payment instrument that the banking regulator may allow from time to time.
Infibeam will seek approval to expand the business into full fledge software business including carrying its business in India and overseas, “with or without collaboration, the business as software engineers, software developers, software programmers, networking engineers, web designers, web development, application development, and integration,”.
It plans to conduct all kind of business activities in software across all field including video conferencing, telecommunication, satellite communication software, radio communication, wireless communication etc. according to the notice.
Shares of Infibeam closed at Rs 162.15 a unit, down by 3.4 percent compared to the previous close, at BSE today.