Tuesday, November 5

Infibeam Acquired Another 7.5% stake in CC Avenue for Rs 150 Crore

Gujarat based India’s first listed e-commerce company Infibeam acquired 7.5% stake in CC Avenue by investing Rs 150 crore. The e-commerce company has already owns a 3.85% stake in CC Avenue through subsidiary NSI Infinium Global.

The recent acquisition will merge CC Avenue with Infibeam online payment gateway at about Rs 2,000 crore. On Monday, Infibeam posted third-quarter net profit to Rs 12.8 crore from Rs 50 lakh a year earlier. Revenue rose 14% to Rs 102.7 crore.

“Integration of the payment platform with logistic and warehousing, ad and domain registry along with its data centre and data analytics, the value-added services provided by Infibeam would make a full circle in providing all services under one roof,“ said Vishal Mehta, the managing director of Infibeam.

“CC Avenue subject to regulatory approval by way of amalgamation will merge with Infibeam at the indicative valuation of Rs 2,000 crore,“ said CC Avenue chief executive Vishwas Patel.

Unlisted CC Avenue is one of the largest payment aggregator companies in India, providing a platform to more than 1,00,000 merchants to collect payments online. It has tie-ups with about four dozen banks.

CC Avenue will soon also have the Bharat Bill Payments Systems which will facilitate all bill payments for utilities and services. Infibeam had more than 66,000 merchants on its ecommerce platform at the end of December.