Infibeam Avenues announces consolidation of international business in 4 countries

26 Sep 2022 , 11:23 AM

Infibeam Avenues Limited is reorganising and consolidating its foreign operations in order to aggressively penetrate and develop its global digital payment gateway infrastructure market.

Infibeam Avenues Australia Pty Ltd (Australian market), Infibeam Avenues Saudi Arabia for Information Systems Technology. Co (Saudi Arabia market), and AI Fintech Inc. (USA market) will become step-down subsidiaries of the company after being transferred to Infibeam Avenues Ltd’s UAE-based wholly owned subsidiary, Vavian International Ltd, which is the second largest payment aggregator in the UAE.

The Board has approved on the consolidation of international business in its meeting held on September 23, 2022.

The company intends to expand its worldwide presence in the digital payments industry by focusing on its flagship brand CCAvenue, a significant digital payment gateway infrastructure provider in India with an annual run rate of Rs3.9 lakh crore.

Infibeam Avenues believes it is ideally positioned to create a technological platform and payment infrastructure that orchestrates seamless digital services and allows banks, NBFCs, financial institutions, government, enterprises, fintech, and merchants to swiftly enable their digital activity, said the company in its press release.

According to the FY2021-22 Annual Report, the overseas business now accounts for 6% of Infibeam Avenues’ total sales.

At around 11.26 AM, Infibeam Avenues was trading at Rs14.40 down by Rs0.25 or 1.71% from its previous closing of Rs14.65 on the BSE. The scrip opened at Rs14.65 and touched intraday high and low of Rs14.90 and Rs14.25 respectively.

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