India’s first listed eCommerce platform Infibeam registered as Infibeam Avenues Ltd has acquired Bengaluru-based Cardpay Technologies Ltd.
Cardpay offers a unified spend management platform to corporates under ”GRIT” brand name with physical and virtual credit cards, invoice processing and early payment discounting.
The deal has taken place at an initial cash consideration of $59,613 (Rs 45 lakh).
“There would be a reward incentive mechanism to the management of the target company (Cardpay) up to rupees equivalent to USD 1 million, based on performance parameters of the target company, as mutually agreed,” Infibeam said in a statement.
“The acquisition of Cardpay strengthens Infibeam’s Payments credit services business with a comprehensive credit issuance portfolio including secured and unsecured lending,” it said.
The acquisition makes Infibeam the only Indian player with a complete suite of payments acquiring and payments Issuing products, present on both side of digital payment transaction, the company claimed.
Cardpay founders and team will continue to lead the operations of GRIT spend management business.
Cardpay Technologies, incorporated on March 20, 2020, will become a wholly-owned subsidiary of Infibeam, it said in a regulatory filing on Friday.