E-commerce firm Infibeam Incorporation Ltd has agreed to invest Rs 3 crore ($468,000) in global digital remittance solutions platform RemitGuru.
“As a part of this investment transaction, Infibeam and CC Avenue will invest Rs. 3 crore in RemitGuru wherein Infibeam will invest Rs. 2 crore,” Infibeam said in a statement.
The deal would be a cash deal transaction helping Infibeam to increase cross-border e-commerce business transactions with cash-free modes through fintech solutions.
CC Avenue already holds 26.76 per cent stake in RemitGuru.
“This partial acquisition would not fall within related party transactions and no governmental or regulatory approvals are required for the same,” it said.