Infibeam Avenues consolidates its internantional business

26 Sep 2022 , 10:45 AM

The fintech companys board of directors has approved the consolidation of international business. The companys three fully owned international subsidiaries Infibeam Avenues Australia (Australian market), AI Fintech Inc. (USA market) and Infibeam Avenues Saudi Arabia for Information Systems Technology. Co (Saudi Arabia market) will become a step&8208;down subsidiary of the company after being transferred to Infibeam Avenues UAE&8208;based wholly&8208;owned subsidiary, Vavian International, which is the second largest payment aggregator in UAE, said the company. The company plans to increase its global play in the digital payments space through its flagship brand CCAvenue, a major digital payment gateway infrastructure provider in India. Currently, the international business contributes 6% to Infibeam Avenues total revenue as per the FY 21&8208;22 annual report. Vishal Mehta, managing director at Infibeam Avenues said, ?CCAvenue is the second largest payment aggregator in UAE and rapidly expanding in the MENA region processing payments at an annual run&8208;rate of AED 12 billion. To keep pace with the emerging potentials & requirements of the international market for digital payments infrastructure, the consolidation of international business out of UAE will be a crucial step in our pursuit to become a global fintech & payment infrastructure company.? Vishwas Patel, executive director of Infibeam Avenues said, We want to increase the diversification of our business through expanding & strengthening in various geographies. And with emerging opportunities in other geographies, a consolidated approach towards international business will boost our international business income contribution to our total revenue in coming years.? Infibeam Avenues is a leading digital payments and e-commerce technology platforms company in India and provides a comprehensive suite of web services spanning digital payment solutions, data centre infrastructure and software platforms. The companys consolidated net profit climbed 68.8% to Rs 23.74 crore on 93.3% surge in net sales to Rs 418.31 crore in Q1 FY23 over Q1 FY22. Shares of Infibeam Avenues fell 1.71% to currently trade at Rs 14.40 on the BSE. Powered by Capital Market – Live News