Infibeam Avenues

Payments-focused fintech Infibeam Avenues on Tuesday reported a 5 per cent increase in its consolidated net profit to Rs 44 crore for the September quarter. The Gandhinagar-headquartered entity had reported a net profit of Rs 41.89 crore in the year-ago period. On a standalone basis, its profit after tax slipped to Rs 36.1 crore from Rs 37 crore in the year-ago period, and Rs 36.26 crore in the quarter-ago period. The total income rose to Rs 949.34 crore from Rs 741.67 crore, while the operating expenses increased to Rs 900 crore from Rs 689.54 crore. The company has guided for a 23-32 per cent growth in the gross revenue at Rs 3,900-Rs 4,200 crore in FY25 and the operating profit to rise 9-19 per cent to Rs 275-300 crore. The Infibeam scrip closed 1.30 per cent down at Rs 27.37 apiece on the BSE as against a 1.03 per cent correction on the benchmark.

Mehta is also the chairman and managing director at Infibeam Avenues

Infibeam Avenues share price surged as much as 5.13 per cent at Rs 32.37 a piece per share on the BSE in Wednesday's intraday trade

Infibeam plans to combine its digital payment services, platform business offerings, and artificial intelligence solutions with Rediff.com's services

In financial year 2024 (FY24), the company reported a net profit of Rs 158.1 crore, up 13 per cent from Rs 139.6 crore in the previous financial year (FY23)

Small finance bank's account holders will be able to make payments on websites 'powered' by CCAvenue, according to agreement

In the last 6 months, Infibeam Avenues has rallied 141 per cent from a level of Rs 16.6 reached on September 12, 2023

The company said that after receiving the in-principle approval from the RBI to operate as a payment aggregator in October 2022, the company received the final authorisation on March 4

The AI hub will be established within GIFT City, Gujarat, with the Ahmedabad campus serving as an extension, slated to be operational within 18 months

Meanwhile, the Gandhinagar-based company saw its revenue from operations more than double to Rs 911.9 crore in Q3 FY24, up from Rs 414.7 crore in Q3 FY23

Fintech firm Infibeam Avenues on Tuesday said it has inked a pact with the Gujarat government to invest Rs 2,000 crore in the state by 2030. The company announced the investment plan on the sidelines of the 10th edition of the Vibrant Gujarat Global Summit (VGGS) 2024. Infibeam said the proposed investment will go into its artificial intelligence (AI) hub for developing technology for payments and platforms specifically tailored for retailers. "With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country," Infibeam Avenues Chairman and Managing Director Vishal Mehta said in a statement. Infibeam Avenues has named its AI-Hub located at GIFT city, Gandhinagar, as 'Phronetic.ai.

The company said it aims to develop its Artificial Intelligence (AI) Hub for developing AI technology for payments and platforms aimed at servicing retailers

The partnership aims to combine Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software for its clients nationwide and globally

The company said it aspires to emerge as a key player in the artificial intelligence (AI)-based fraud detection and prevention market

This is the company's first foray into the offline payment space in the UAE market

The RBI allowed another window to PAs existing as of March 2020 to apply to the central bank for a license

For the full FY22, the profit after tax stood at Rs 84 crore, up 19 per cent over the previous fiscal

DRC Systems India Limited, the demerged entity of IT consultancy Infibeam Avenues, got listed on bourses on Wednesday. The shares were listed at Rs 128.75 and Rs 128.80 on BSE and NSE respectively in opening deals. In a statement, the company said it received approval from BSE and NSE for listing and trading of its equity shares with effect from Wednesday. DRC Systems offers a vast range of customized IT solution and consultancy services to clients in India and International from the embryonic stage to the high-level stage. This includes development, maintenance, testing and all related ancillary services. Pursuant to the approval of Composite 'Scheme of Arrangement' from The National Company Law Tribunal, Ahmedabad Bench through an order on November 27, 2020, Infibeam Avenues Ltd demerged its Theme Park & Event business to DRC Systems. As consideration under the provision of the 'Scheme of Arrangement'for the transfer and vesting of the Themepark & Event Software Undertaking,

Infibeam Avenues on Thursday reported a 27 per cent rise in consolidated net profit at Rs 14.99 crore for the three months ended December 2020.

Its consolidated income from operations dropped 8.5 per cent to Rs 153.9 crore in the quarter under review