Infibeam
{{Short description|Indian financial technology company}}
{{Use dmy dates|date=March 2016}}
{{Use Indian English|date=November 2015}}
{{Infobox company
| name = Infibeam Avenues Limited
| logo = Infibeam Avenues Logo.jpg
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| logo_alt = Infibeam logo
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| type = Public
| founded = {{Start date and age|2007||}}
| successor =
| founder = Vishal Mehta
| industry = Internet, Fintech
| services = {{Bulleted_list|Online payments|Internet services (data centres, domains)|e-commerce software, Artificial Intelligence}}
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| traded_as = {{NSE|INFIBEAM}}
{{BSE|539807}}
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| location = GIFT City, Gandhinagar, India
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| area_served = India, West Asia, USA & Australia
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| revenue = {{up}} {{INRconvert|3171|c|lk=on}}{{cite web |title=Infibeam Avenues reports 55% jump in profits at Rs 147 crore for FY24 |url=https://economictimes.indiatimes.com/tech/technology/infibeam-avenues-reports-55-jump-in-profits-at-rs-147-crore-for-fy24/articleshow/110180630.cms |website=The Economic Times |date=16 May 2024}}
| operating_income =
| income_year = FY23-24
| net_income = {{up}} {{INRconvert|147|c}}
| net_income_year = FY23-24
| members =
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| num_employees = 650 (in 2022)
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| website = {{URL|https://www.ia.ooo/|ia.ooo}}
}}
Infibeam Avenues Limited is an Indian fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.{{cite web |last1=Dutta |first1=Vishal |title=Fintech firm Suvidhaa plans e-commerce foray |url=https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/fintech-firm-suvidhaa-plans-e-commerce-foray/articleshow/70732595.cms |website=The Economic Times |date=19 August 2019}}{{cite web |title=Migration Message |url=https://www.suvideals.ooo/static/help/migration_message.pdf |website=Suvideals.ooo }}{{cite web |title=Infibeam's BillAvenue adds 1 million agents; targets reaching 5 million agents by 2025 |url=https://economictimes.indiatimes.com/industry/services/retail/infibeams-billavenue-adds-1-million-agents-targets-reaching-5-million-agents-by-2025/articleshow/98455217.cms |website=The Economic Times |date=6 March 2023}}
Through its flagship brand, CCAvenue, the business is present in the payment infrastructure market, processing more than {{currency|86|USD}} billion in online payments.{{cite web |title=Infibeam Avenues Unveils CCAvenue SoundBox Max, A Next-Generation Payment Solution for Merchants - Indian Startup Times |url=https://indianstartuptimes.com/news/infibeam-avenues-unveils-ccavenue-soundbox-max-a-next-generation-payment-solution-for-merchants/ |website=Indianstartuptimes |date=3 September 2024}} Infibeam Avenues claims to have more than 1 crore (10 million) merchants on its platform. It also operates in overseas markets like United States, Saudi Arabia, UAE, and Australia.{{cite web |title=Infibeam Avenues Ltd deepens its reach in digital payments |url=https://www.equitybulls.com/category.php?id=324843 |website=EquityBulls |date=4 January 2023}}
It is headquartered in GIFT City, Gujarat, India with offices in Delhi, Mumbai and Bengaluru.{{cite web|last=S. Prem Kumar|title=Infibeam's double-edged strategy|url=http://www.thesmartceo.in/magazine/growth-enterprise/infibeams-double-edged-strategy.html|publisher=The Smart CEO|access-date=29 April 2013}}
History
Infibeam Avenues was established in 2007 by Vishal Mehta.{{cite news|last1=Suresh P. Iyengar|title=No competitors here, all are partners|url=http://www.thehindubusinessline.com/industry-and-economy/no-competitors-here-all-are-partners/article5207103.ece|access-date=8 December 2014|publisher=The Hindu Business Line|date=6 October 2013}} The company was listed on the BSE and the NSE in 2016.
It provides its marketplace software platform, BAB, to two of India's four largest eCommerce organisations – GeM and JioMart.{{cite web |title=Infibeam enters into an agreement with Reliance Jio for its enterprise solutions |url=https://www.moneycontrol.com/news/business/infibeam-enters-into-an-agreement-with-reliance-jio-for-its-enterprise-solutions-5925751.html |website=Moneycontrol |date=5 October 2020 |language=en}}{{cite news |last1=Suneja |first1=Kirtika |last2=Agarwal |first2=Surabhi |title=Intellect, Infibeam bag contract for government marketplace |url=https://economictimes.indiatimes.com/tech/ites/intellect-infibeam-bag-contract-for-government-marketplace/articleshow/59745255.cms |work=The Economic Times}}
On 7 September 2022, Infibeam Avenues launched its omni-channel mobile app CCAvenue TapPay that allows businesses and entrepreneurs to convert any NFC-enabled Android phone into smart PoS terminals.{{cite news |title=Infibeam Avenues launches mobile app with TapPay feature |url=https://economictimes.indiatimes.com/tech/technology/infibeam-avenues-launches-mobile-app-with-tappay-feature/articleshow/92578241.cms |website=The Economic Times|date=30 June 2022 }}
In August 2024, Infibeam Avenues Ltd. acquired a 54.1% stake in internet business firm Rediff.com India Ltd. Post-acquisition, Rediff.com became a subsidiary of Infibeam Avenues.{{cite web |title=Infibeam Avenues acquires 54.1% stake in Rediff.com for ₹50 crore |url=https://www.thehindubusinessline.com/info-tech/infibeam-avenues-acquires-541-stake-in-rediffcom-for-25-crore/article68477073.ece |website=BusinessLine |language=en |date=2 August 2024}}
Vishal Mehta, the founder of Infibeam, has assumed the role of Chairman and Managing Director of Rediff.com. He succeeds Ajit Balakrishnan, who has directed the corporation since its inception in 1996. The leadership transition occurs subsequent to Infibeam Avenues Ltd's acquisition of a controlling interest in Rediff.com.{{cite web |title=Infibeam founder Vishal Mehta becomes Rediff’s new Chairman and Managing Director |url=https://www.businesstoday.in/technology/internet/story/infibeam-founder-vishal-mehta-becomes-rediffs-new-chairman-and-managing-director-448785-2024-10-04 |website=Business Today |language=en |date=4 October 2024}}
Services
= Payment Processing =
Infibeam provides a digital payment gateway service through CCAvenue. The CCAvenue Payment Gateway offers multiple payment options, supports 18 different languages, and facilitates transactions in 27 major foreign currencies. It also establishes a secure link between websites, institutions, and banks during transactions.
CCAvenue's 'TokenPay' help merchants to comply with the Reserve Bank of India's data security norms by securing multi-network tokenisation, which works across major card networks, including MasterCard, RuPay, and Visa.{{cite web |last1=Umarji |first1=Vinay |title=Infibeam's CCAvenue starts TokenPay to help merchants comply with RBI norms |url=https://www.business-standard.com/article/markets/infibeam-s-ccavenue-starts-tokenpay-to-help-merchants-comply-with-rbi-norms-121110400347_1.html |website=Business-standard.com |language=en |date=4 November 2021}}
The Reserve Bank of India had granted Infibeam Avenues "in-principle" authorisation to operate as a Payment Aggregator (PA) under the brand CCAvenue, to allow a wide range of online and offline transactions. Payment aggregators allow e-commerce platforms and merchants to accept a variety of payment methods from customers, simplifying the payment process and removing the need for merchants to design their own payment integration system.{{cite web |title=Infibeam Avenues receives RBI in-principle nod for payment aggregator licence |url=https://economictimes.indiatimes.com/tech/tech-bytes/infibeam-avenues-receives-rbis-in-principle-nod-for-payment-aggregator-licence/articleshow/95128521.cms |website=The Economic Times |date=27 October 2022}}
The Reserve Bank of India has granted Infibeam Avenues Limited, India's first publicly traded fintech startup, a permanent licence for its bill payments platform, BillAvenue. BillAvenue can use this licence to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Bharat Bill Payment System (BBPS). BillAvenue functions as both a biller and a customer operating unit as a BBPOU, easing the onboarding of Billers and Agent Institutions to service clients.{{cite web |title=Infibeam Avenues announces perpetual renewal of 'Bharat Bill Payment' license by RBI |url=https://www.cnbctv18.com/personal-finance/infibeam-avenues-announces-perpetual-renewal-of-bharat-bill-payment-license-by-rbi-15511471.htm |website=cnbctv18.com |language=en |date=26 December 2022}}
= Merchants Financing/Lending =
Infibeam Avenue has a lending aggregation platform called Trust Avenue. The company has facilitated AI-based lending for 3 million merchants through partnerships with banks and NBFCs.{{cite web |title=Infibeam Avenues plans AI-based lending for its 3 million merchants through tie-ups with banks, NBFCs |url=https://www.financialexpress.com/industry/sme/msme-fin-infibeam-avenues-plans-ai-based-lending-for-its-3-million-merchants-through-tie-ups-with-banks-nbfcs/2308072/ |website=Financialexpress |date=10 August 2021 |language=en}}
= Enterprise ecommerce software platform =
Infibeam Avenues' enterprise ecommerce software platform BuildaBazaar hosts India's largest online marketplace for government procurement. The company also entered into a definitive agreement with Jio Platforms to offer its enterprise software licence and enterprise digital payments platform to Jio Platforms and its associates for their internal businesses.{{cite news|title=TTK Prestige Announces e-Commerce Alliance with Infibeam.com|url=http://economictimes.indiatimes.com/cmpnewsdisp.cms?companyid=8711&newsid=334825|access-date=5 May 2013|newspaper=The Economic Times|date=21 January 2010}}{{cite web|url=http://ecommwire.com/?id=42197 | title=Infibeam.com & NDTV Enter Into eCommerce Alliance |access-date=15 June 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110929032040/http://ecommwire.com/?id=42197 |archive-date=29 September 2011 }}{{cite web|url=http://www.efytimes.com/e1/45601/fullnews.htm |title=Hidesign Website Uses Infibeam.com's Technology Platform |website=Efytimes.com |date=19 May 2010 |access-date=31 January 2016 |url-status=dead |archive-url=https://web.archive.org/web/20141006153736/http://www.efytimes.com/e1/45601/fullnews.htm |archive-date=6 October 2014 }}
On November 20, 2017, Infibeam Avenues launched BillAvenue, an inter-operable digital bill payments platform built over the Bharat Bill Payment System (BBPS) infrastructure to enable service providers to accept bill payments from customers nationwide, through both online and offline channels.{{cite news |title=Infibeam subsidiary Avenues India launches BillAvenue - ET Retail |url=https://retail.economictimes.indiatimes.com/news/e-commerce/e-tailing/infibeam-subsidiary-avenues-india-launches-billavenue/61724316 |work=ETRetail.com |language=en}}
=Data Centre infrastructure services=
The company forayed into the segment of infrastructure or data centre-as-a-service, and built a state-of-the-art Tier-III data centre in GIFT City, Gandhinagar. It received Tier-III design certification from Uptime Institute as it is equipped with fully redundant and dual-powered servers, storage, network links and other IT components.{{cite web |last1=George |first1=Aaron St |title=Infibeam Avenues receives Tier III Design Certification from Uptime Institute for its Data Center - equitybulls.com |url=https://uptimeinstitute.com/tier-certification/overview/26-news-external/1351-infibeam-avenues-receives-tier-iii-design-certification-from-uptime-institute-for-its-data-center-equitybulls-com |website=uptimeinstitute.com |language=en-gb}} Infibeam Avenues has partnered with IBM India to develop implement and promote blockchain capabilities on the LinuxOne platform.{{cite web |title=Infibeam Avenues Limited |url=https://www.ibm.com/case-studies/infibeam-journey-to-cloud |website=ibm.com |language=en-us}}{{cite web |title=Infibeam Avenues partners with IBM to deploy blockchain solutions in India |url=https://www.techcircle.in/2018/12/21/infibeam-avenues-partners-with-ibm-to-deploy-blockchain-solutions-in-india/ |website=Techcircle |date=21 December 2018}}
=Artificial Intelligence=
Infibeam Avenues announced its entry into the AI-enabled fraud detection industry on August 8, 2023, with the goal of developing Artificial Intelligence (AI) solutions for authentication, fraud detection, and risk identification in both domestic and worldwide markets. In the beginning, the company will focus on the digital payments and financial industries, employing AI and machine learning algorithms to detect online transaction fraud in real time. Infibeam Avenues also intends to build India's first AI HUB at GIFT City.{{cite web |last1=Thathoo |first1=Chetan |title=Infibeam To Foray Into Fraud Detection Market With Its AI HUB In GIFT City |url=https://inc42.com/buzz/infibeam-avenues-to-foray-into-fraud-detection-market-with-its-ai-hub-in-gift-city/ |website=Inc42 Media |language=en |date=9 August 2023}}
Mergers & Acquisitions
Partnership
Awards and recognition
References
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Category:Companies based in Ahmedabad
Category:Indian companies established in 2007
Category:Online financial services companies of India
Category:Retail companies established in 2007
Category:Technology companies established in 2007
Category:Companies listed on the National Stock Exchange of India