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Infibeam terminates auditor services for leaking sensitive info

5May By PriyankaNo Comments

News

Infibeam terminates auditor services for leaking sensitive info

India's first profitable e-commerce company Infibeam Avenues terminated services of chartered accountancy firm S.R.B.C & Co. LLP as one of the joint statutory auditors on grounds of alleged sharing of unpublished price-sensitive information. SRBC & Co LLP, in a statement issued later in the day, however, refuted charges and said it is open to regulatory inspection and will respond to the regulators, as required. In a regulatory filing, Infibeam Avenues said that the board Sunday recommended, subject to the approval of regulatory authorities and shareholders, "to terminate company's joint statutory auditor S.R.B.C & CO. LLP (Auditor), on the grounds of sharing company's unpublished price-sensitive information with personal e-mail accounts of their team and third-party on m...

Infibeam Avenues Q3 net profit zooms close to $4 million

15Feb By AdityaNo Comments

BUSINESS

Infibeam Avenues Q3 net profit zooms close to $4 million

Infibeam Avenues Thursday said its net profit grew manifold close to $4 million (Rs 26.6 crore) during the December 2018 quarter from the year-ago period. The net profit stood at Rs 1.9 crore in the October-December 2017 period, Infibeam said in a statement. The company's total revenue more than doubled to Rs 150.3 crore in the quarter, compared with Rs 73.6 crore in the October-December 2017 period, it added. "Our strong performance for the quarter was a result of strong traction in the payments business, GeM contribution, and the synergies being realised across our cloud platforms," Infibeam Avenues Managing Director Vishal Mehta said. He added that the company is already on track to process payments worth Rs 50,000 crore by the year end. "(This) is an important milestone ...

31Dec By Gauri SinghNo Comments

ACQUISITION

Infibeam Cancels Snapdeal’s Unicommerce Acquisition

eInfibeam Avenues had announced that its up to Rs 120 crore-deal to acquire Unicommerce, a subsidiary of e-commerce platform Snapdeal, however, the deal has been terminated. "...we wish to inform you that the SPA has been terminated as the conditions precedent were not fulfilled within the stipulated time period," Infibeam said in a regulatory filing. In May, Infibeam Avenues had announced signing a definitive share purchase agreement (SPA) with Unicommerce eSolutions and Jasper lnfotech (which runs Snapdeal) to acquire 100% stake in Unicommerce. It had sated that the acquisition would boost its e-commerce enablement capabilities and expand the product offerings for existing clients. The transaction was scheduled to close in three-five...

Mumbai Based Payments Entity Acquires 5% Stake in Infibeam for Rs 25 Crore

18Dec By Gauri SinghNo Comments

ACQUISITION

Mumbai Based Payments Entity Acquires 5% Stake in Infibeam for Rs 25 Crore

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...

Jason Kothari Quits Infibeam Within Five Months of Appointment

3Nov By Gauri SinghNo Comments

News

Jason Kothari Quits Infibeam Within Five Months of Appointment

Jason Kothari, who was appointed as the president of listed e-commerce company Infibeam Avenues approximately five months back, has reportedly resigned from his position due to personal reasons. The company stated that Kothari was responsible for heading its strategy, corporate development, international operations, and investor relations functions. He is stepping down as he was “required to spend more time abroad due to personal reasons.” Along with this, Infibeam also mentioned that Kothari would continue to be associated as a senior advisor. Prior to joining Infibeam, Kothari used to hold the position of chief investment and strategy officer at online marketplace Snapdeal. He played an integral role in not only turning around the troubled venture. Even before that, Kothari was ...

Do You Know India’s First Profitable E-commerce Company Lost its 71% Value in One Day

18Oct By Gauri SinghNo Comments

Market

Do You Know India’s First Profitable E-commerce Company Lost its 71% Value in One Day

Indian internet and e-commerce conglomerate Infibeam which is one of the most important companies in the country has lost 71 percent of its market value on a single day after a WhatsApp message circulating among traders raised issues about the e-commerce company’s accounting practices. The stock of the company collapsed as much as 73 percent before closing 71 percent lower at 58.45 rupees on Friday. The WhatsApp message was sent a few months ago by an Equirus analyst to some clients. This was told by people familiar with the matter asking not to be revealed as they aren’t authorized to speak on the matter. The fall in the valuation induced the company to make a voluntary clarification or explanation to the exchanges stating that there was no pending information or announcement tha...

Infibeam Brings in Payment Acceptance Via UPI App Intent

12Jul By Gauri SinghNo Comments

News

Infibeam Brings in Payment Acceptance Via UPI App Intent

Ahmedabad-based e-commerce conglomerate Infibeam has launched a new UPI App Intent for the acceptance of payments and flow for CCAvenue payment gateway merchants. UPI App Intent processes the transactions on native mobile apps with the help of existing UPI supported apps such as Tez, BHIM, PhonePe etc that are downloaded on the customer’s phone. This aims to provide the customers with a quick and smooth payment experience. Most of the UPI apps and even UPI enabled bank apps have added support for the app intent flow. This will avoid the need for having and installing multiple apps for making transactions. Vishwas Patel, Director of Infibeam Avenues said, “We had launched UPI acceptance for businesses and have been offering P2M payments (customer to merchant) on UPI since 2016. The c...

Online Startups That Are Listed Under Stock Exchange

9Jul By Gauri SinghNo Comments

Market

Online Startups That Are Listed Under Stock Exchange

What is the stock exchange? In simple words, stock exchange refers to an organized market in which securities are bought and sold. If we go into the detailed description, the prices at which these securities are bought and sold are regulated by the forces of demand and supply. The stock exchange basically is an investment intermediary for corporations, governments, municipalities, and other incorporated bodies where they can raise capital by channeling savings of the investors in various productive ventures. The other purpose served by the stock exchange is that the investors can sell their securities to other investors for cash. These exchanges impose various rules and regulations on the firms and brokers that are involved with them. If a particular company is traded on an exchange,...

Infibeam to raise 2000 Cr to set up its payments bank

30Jun By Lavina TolaniNo Comments

BUSINESS

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 paym...

Infibeam Sets a Record Registering 40,000 Domains in a Day

21Jun By Lavina TolaniNo Comments

News

Infibeam Sets a Record Registering 40,000 Domains in a Day

Infibeam, India's first listed e-commerce company has created a benchmark record of registering over 40,000 domain names in a single day. According to the official statement, the company which runs a unique business model with a mix of Infibeam shopping destination and Infibeam Web Services and country’s first generic top-level domain (GTLD) Registry .OOO have created a record of registering over 40,000 domain names in a single day, as per an official statement. 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. Infibeam’s .OOO is one of the first generic top-level domain (GTLD) Registry operational in India after bagging necessary clearances and license from The Internet Corporation for Ass...

Top Ecommerce Companies of India After Flipkart Acquisition

18Jun By Lavina TolaniNo Comments

Story

Top Ecommerce Companies of India After Flipkart Acquisition

India's technology industry is bracing itself for the next era of e-commerce warfare, especially after the mega Walmart-Flipkart deal has come into play. While the acquisition has returned a lot of liquidity in the ecosystem, it has also sparked off a maiden opportunity for new entrepreneurs and investors, adding to the wait for the $100 Bn Indian internet giant to go on. So With Flipkart's already gone to American giant Walmart, which companies should be considered next players to make it big within e-commerce landscape? Well, there are some prominent names that have it in them to create "the Flipkart wave" back again. The names in the list have been chosen because these companies are based in India founded by Indian entrepreneurs. Additionally, their majority stakes are also held by...

Snapdeal CEO Jason Kothari Quits, Joins Infibeam as President

17Jun By NitishNo Comments

News

Snapdeal CEO Jason Kothari Quits, Joins Infibeam as President

Jason Kothari the former chief executive of Snapdeal is joining Ahmedabad-based online e-commerce platform Infibeam as President. In the sudden move, Kothari will now hold company's lead strategy, corporate development, international operations, and investor relations process. According to the press release, the company said, Kothari will help drive infibeam next phase of growth with the leadership team, it added. Jason Kothari said, "I'm very excited and happy to work with Mehta and the team at Infibeam to help accelerate the company's expansion. Earlier, Kothari served as the Chief Strategy and Investment Officer at Snapdeal. Now Snapdeal CFO Vikas Bhasin has taken over the responsibilities of Snapdeal. "Jason joins us with a history of high-impact business and strategic lead...