The first listed e-commerce firm of India, Infibeam Avenues is infusing INR 250 crores in its fintech operations to build a backend blockchain powered fintech platform.
The platform as per the firm will cater to BFSIs, Corporates and SMBs. The strategic move aligns with the company’s focus to drive its financial inclusion segment and offer innovative fintech solutions to SMBs operating in the e-commerce space.
Infibeam started its operations as an e-commerce platform in the year 2007 and has acquired CCAvenue multi-channel payment processing service in the last one year. The company claims that it will focus on building infrastructure and service computers to secure data storage.
‘’The company’s infrastructure will boast of a Cloud-based Tier-3 Datacenter, thus able to provide real-time high-speed data computing & storage, with no downtime. The fund drawn from the proceed of its IPO. “With the data localization law coming in we have an opportunity to provide to others our facilities as demand surges,” said Infibeam.
In the year 2016, Infibeam pumped in INR 250 crore to procure 16 floors of GIFT city tower in the city of Gandhinagar, to set up a cloud data centre. The company also recently collaborated with technology major IBM to develop blockchain technologies for the first time in India.
Infibeam reported a net profit of INR 26.6 crore last week for the December 2018 quarter with gross revenue of INR 150.3 crore.
