Infibeam Looking to Raise 2000 Crore To Start Payment Bank Business
India's first profitable E-commerce company Infibeam will seek shareholders approval on June 28 to expand business in IT industry and also to launch a payments bank.
The Gujrat based company said in its official statement, "We are looking to enter into payment bank business and to raise Rs 2,000 crore".
The company has also proposed to change the name from Infibeam Incorporation Limited to "Infibeam Avenues Limited".
Infibeam business profit in 2018 was more than doubled after tax to Rs 88.1 crore from Rs 43.5 crore a year ago.
The e-commerce venture is also mulling to explore the business opportunity in the manufacturing of IT hardware.
The company seeking RBI permit to issue all kind of prepaid payment instruments e-wallets, co-branded wallets, and any other pre-paid payme...