The company said that the board has also approved the strategic transfer of e-commerce platform infrastructure activities to Rediff.com India LTD for RS 800.39 Crore, which increases the importance of Infibeam in Rediff from 54.1 percent to 82.7 percent.
According to an investor presentation, the company, which owns the Ccavenue payment platform and internet company Rediff, had posted a Pat of RS 50.2 Crore in the period of a year ago.
The fintech company achieved a growth of 72 percent in consolidated gross turnover for RS 1,280.2 Crore in the quarter of June compared to RS 745 Crore in the period of a year ago.
“Our AI-Intende Fintech products have delivered better price control and improved customer experiences,” said Vishal Mehta, chairman and director of Infibeam Avenues Ltd, in a statement.
The Infibeam Board also approved a business transfer agreement with Rediff.com India LTD to sell its platform company and transfer it via a malas couple, according to the statement. After the deal, Infibeam said that it will ‘double’ about digital payments and AI innovation through Ccavenue and Phronetic.ai respectively.
Rediff also evaluates capital increasing options, including a potential IPO, to stimulate rapid growth in its product portfolio and to expand its presence in the Enterprise SaaS and Digital Trade Markets.
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