Share price of India’s first listed AI-powered fintech company jumped by nearly 2.15% on NSE to Rs. 35.5 in the morning trading session of March 27th, from its previous close of Rs. 34.75, after its UAE-based subsidiary is planning to raise around Rs. 208.32 crore.
With a market capitalisation of Rs. 9,729.9 crores, at 11:25 a.m., the shares of Infibeam Avenues Limited were trading in the green at Rs. 35.15, up by 1.15 percent.
In the last one year, the company has delivered about 159.4 percent of multibagger returns and nearly 96.09 percent of positive returns in the last six months. So far in 2024, it has delivered positive returns of around 59.1 percent.
According to Moneycontrol, Avenues World FZ-LLC, a UAE-based subsidiary of Infibeam Avenues, intends to raise around Rs. 208.32 crore ($25 million) through a pre-IPO round with a limited group of investors ahead of a potential listing in the UAE capital market.
As a result, following the fund raising, it will no longer be the company’s wholly owned step-down subsidiary.
Further, the deal will be completed within the next 45 days, and Vavian International, the company’s wholly-owned subsidiary, will continue to hold a 75 percent stake or greater in Avenues World FZ-LLC owing indirect dilution of up to 25 percent of the post-issue capital.
Earlier on March 5th, the Reserve Bank of India (RBI) granted final authorisation to Infibeam Avenues Ltd. to operate as an Online Payment Aggregator for payment gateway brand – CCAvenue.
In terms of financials, the company’s revenue from operations grew by 15.44 percent 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 percent 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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