On Thursday, the shares of India’s top e-commerce and payment solutions provider climbed 3.3 percent to Rs 23.05 per share after the company acquired a major stake in a fintech firm to improve its expertise in compliance, fraud detection, and prevention.
Infibeam Avenues Ltd shares closed at Rs 22.40 a share, a 0.45 percent increase over the previous close price. The company is valued at Rs 6,226 crore on the stock exchange.
Infibeam Avenues announces its strategic foray into the capital markets and digital lending software market by acquiring a significant 49% equity stake in Pirimid Fintech, investing Rs 25 crore to solidify this strategic partnership. The company reported in its exchange filing.
The aforementioned company’s acquisition decision to meet the surging demand in global capital markets for cutting-edge secured and zero latency AI-backed software to streamline trading, research, and investment processes. The firm intends to improve expertise in compliance, fraud detection, and prevention, as a result of this purchase.
Pirimid Fintech caters to a diverse clientele across global and domestic capital markets. The company specializes in developing customized capital markets and digital lending products, tools, services, and workflows to meet specific client needs.
In addition to this, the company acquired a 100% stake in its subsidiary company Infibeam Avenues Saudi Arabia for Information Systems Technology from Vavian International for the value of $ 35,000.After the acquisition, it will become a Wholly Owned Subsidiary Company of Infibeam Avenues Limited.
The company acquired a 100 percent stake in its subsidiary to operate Payment Aggregation operations in Saudi Arabia under the name “CCAvenue.”
Infibeam Avenues Ltd shares have gained 49 percent in the last six months and 18 percent in a year.
Infibeam Avenues Ltd revenues have increased by 65 percent year on year from Rs 477 crore in Q2FY23 to Rs 790 crore in Q2FY24, while net profit has remained Rs 40 crore in both quarters.
The company allocated a capex of Rs 1.2 billion in 1H FY24 in international markets, towards its country-in-a-box strategy.
Reliance General Insurance, Amul, J.P Morgan, Bisleri, Paytm, ITC Hotels Indigo Airlines, and many more are among the company’s well-known marquee clients.
The firm operates in five countries: India, the UAE, the Kingdom of Saudi Arabia, Oman, and the United States, and its payment gateway is utilized by over 5,000,000 merchants in India and international markets.
Infibeam Avenues Ltd is in the business of software development services, maintenance, web development, payment gateway services, e-commerce, and other ancillary services.
The company operates an online payment system with technology platform solutions across industry verticals and as a payment processor for online merchants, websites, and commercial users.
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
