E-commerce firm Infibeam is investing Rs. 45 crore in payment gateway CCAvenue.
Infibeam, which raised Rs. 450 crore in an initial public offering earlier this year, said it has signed a termsheet to invest up to Rs. 45 crore in Avenues India Pvt Ltd and is “in further discussion for signing a definitive agreement”.
Infibeam is structuring this investment through its subsidiary NSI Infinium Global that operates the e-commerce marketplace Infibeam.com and the do-it-yourself e-commerce platform BuildaBazaar.
Infibeam has posted a net profit of Rs. 1.95 crore on revenues of Rs. 75.6 crore for the quarter ended March 31, 2016. For the year ended March 31, 2016, Infibeam posted a net profit of Rs. 9.24 crore as compared to a net loss of Rs. 10.11 crore in the previous year. The total revenues grew to Rs. 336.95 crore for the year, up 16.9% from Rs. 288.2 crore in the previous year.
