- Transaction Processed Value up 170% yoy to Rs50,651cr
- Gross Revenue up 120% yoy to Rs216cr
- Profit After Tax up 14% yoy to Rs13cr
With the recent passing of factoring law amendments, enabling more than 9,000 non-banking financial companies (NBFCs) to participate in the factoring (bill discounting), Infibeam Avenues has set its course to tap the Indian factoring market space, which is estimated to be worth $6 billion.
Infibeam’s current payment gateway infrastructure process approximately $18 billion payments and its software platform enables additional $10 billion worth of transactions of the platform. If this trend continues, where people, institutions and organizations are adopting digitalization at such a faster pace, Infibeam Avenues may soon be processing more than $100 billion transactions.
“We started the new fiscal year by delivering a healthy quarter. We believe in the growth of India’s digital economy and we continue to strengthen our technology advantage in improving customer experience and enabling our merchants including enterprise clients to accomplish a successful digital transformation. With current transaction processing value of Rs 50,000 crore per quarter and millions of full KYC merchants on our platform, the AI driven lending opportunity is the future growth and margin driver for IAL”. said Vishal Mehta, Managing Director, Infibeam Avenues Limited.
We stay focused on making rationale investments to power our expansion in the growth and digital transformation opportunity, while sustaining our industry-leading profitability. During the quarter our digital payment processing volume registered strong growth despite lower discretionary spending due to pandemic and lower contribution from aviation, entertainment including hotel and hospitality sector “said Hiren Padhya, Chief Financial Officer.
At around 11:35 AM, Infibeam Avenues was trading at Rs41.25 per piece lower by 4.73% on Sensex.