Suvidhaa Infoserve which is a payments entity based in Mumbai has acquired 5% stake in the popular online e-commerce and payment solution company Infibeam.com. The deal has been valued at Rs 25 crore.
Infibeam Avenues which owns Infibeam.com said that its board of directors has entered into a binding MoU with Suvidhaa which has around 90,000 retailers for money remittance and other services across the country.
Through this association and partnership, the company will enter into a strategic partnership with Suvidhaa for last mile delivery of products and services.
Also, Suvidhaa will leverage the offline presence to sell products for Infibeam and in turn, Infibeam will get access to far off locations to sell its products through the assisted model.
Slowly, the company said that it will divest the entire entity to Suvidhaa, where Shapoorji Pallonji Mistry owns a minority stake.
“There is only a limited set of people who can buy products online, through this partnership we want to reach out to those groups of people who need assistance in e-commerce,” said Paresh Rajde, managing director, Suvidhaa Infoserv.
Suvidhaa Infoserve which is present across 4500 pin codes in the country has processed gross transaction value of Rs 10,000 crore a year and has partnered with 300 financial institutions.