Share price of India’s first listed AI-powered fintech company jumped by nearly 9.68% to Rs. 38.50 in the trading session of March 5th, from its previous close of Rs. 35.10, after the company announced receiving final authorisation from RBI.
With a market capitalisation of Rs. 10,330 crores, at 01:49 p.m. the shares of Infibeam Avenues Limited were trading in the green at Rs. 37.2, up by 5.98 percent.
In the last one year, the company has delivered multibagger returns of about 133.3 percent and nearly 144.5 percent in the last six months. So far in 2024, it has delivered positive returns of around 68.03 percent.
According to recent regulatory filings with the stock exchanges, the Reserve Bank of India (RBI) has granted final authorisation to Infibeam Avenues Ltd. to operate as an Online Payment Aggregator for payment gateway brand – CCAvenue.
The company has earlier launched the CCAvenue mobile app, which features India’s first pin-on-glass SoftPoS solution – CCAvenue TapPay for Merchants and Kiranas in India.
Since it is an app, any Android phone may be used by the merchant to download it for free and turn it into a payment acceptance terminal without the need for a Point of Sale (PoS) machine.
With the PA authorisation, Infibeam Avenues can operate as an Online Payment Aggregator and offer digital payment services to any Indian merchant(s).
The RBI granted the company “in-principle” authorisation earlier in October 2022 to operate as a Payment Aggregator (PA).
Additionally, the company has also recently received RBI approval to function as an Operating Unit under the Bharat Bill Pay license.
In terms of financials, the company’s revenue from operations grew by 15.44% from Rs. 790 crores in Q2 FY23-24 to Rs. 912 crore in Q3 FY23-24, accompanied by an increase in the net profit of 2.5% from Rs. 40 crore in Q2 FY23-24 to Rs. 41 crore in Q3 FY23-24.
One of the leading global financial technology (fintech) companies, Infibeam Avenues Ltd. offers digital payment solutions and enterprise software platforms across multiple industry verticals.
The company provides integrated & scalable digital platforms consisting of
Digital Payment Solutions under the brand name CCAvenue and Enterprise Software solutions under the brand name BuildaBazaar.
Written by Shivani Singh
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