Thursday, October 3

Infibeam to raise 2000 Cr to set up its payments bank

Ahmedabad based E-commerce Major Infibeam is now ready to expand its business in IT segment as it looking forward to setting up its payment bank along with raising $292 Mn (INR 2000 Cr).

In a recent company’s general meeting held on June 28, 2018 shareholders have approved a change in the company name from “Infibeam Incorporation Limited” to “Infibeam Avenues Limited“, according to a regulatory filing.

The company has sought shareholders approval to apply for authorisation from Reserve Bank of India for its payment bank. It is also approached the apex body to seek approval to explore the business opportunity in the manufacturing of IT hardware.

Post-RBI Approval, Infibeam wants to leverage its financial technology and expand business in the domain 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.

To recap, as reported by Pixr8 earlier, the company’s consolidated profit after tax more than doubled to Rs 88.1 crore in the fiscal year 2018 from Rs 43.5 crore, witnessing a three-fold growth in its services business.

Recently, India’s first listed e-commerce company created a benchmark record of registering over 40,000 domain names in a single day. With over 1.15 lakh total registrations, company has secured top position in new GTLD club within India and in top 50 new GTLD club globally.