Ahmedabad-based e-commerce major Infibeam, is planning to expand its existing product portfolio, and venture into payments banking and related segments.
As part of its mega business diversification plan, India’s first public-listed e-commerce firm says it will seek its shareholders’ approval on June 28 to expand business in IT segment, set up a payments bank and raise Rs 2,000 crore.
According to official sources, the company, in its general meeting to be held on 28th June, besides proposing to change its name from “Infibeam Incorporation Limited” to “Infibeam Avenues Limited”, would further deliberate upon leveraging its financial technology and expanding business in the domain by seeking the necessary RBI permit to issue all kind of prepaid payment instruments, e-wallets, co-branded wallets, and any other pre-paid payment instrument that the banking regulator may allow from time to time. Besides, Infibeam plans to manufacture all kinds of hardware, plant, machinery, equipment, softwares, systems, used in the field of information technology.
Currently, India’s digital payment space is dominated mainly by Paytm, Phonepe, Oxigen Wallet, MobiKwik, PayUmoney Airtel Payments Bank and JIOmoney, among others.
Infibeam’s consolidated profit after tax more than doubled to Rs 88.1 crore in the fiscal year 2018 from Rs 43.5 crore a year ago mainly due to it’s three-fold growth in its services business.
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