 "Infibeam Avenues")
Shares of AI-powered fintech player Infibeam Avenues slumped 9 per cent to an intra-day low of Rs 36.37 in Tuesday's session amid heavy volumes as 60 lakh or 6 million shares changed hands in the pre-open block deal window on NSE.
The names of the buyers and sellers were not known. The block deal was worth Rs 23.76 crore done at Rs 39.6 per share.
Overall on BSE and NSE, a combined 8.96 crore shares or nearly 90 million shares had been traded until 1:30 pm.
The digital payment solution provider's stock has posted a handsome rally of 87 per cent so far in calendar year 2024 (against previous close) as it has surged from Rs 21.9 level of December 29, 2023.
In the last 6 months, the stock has rallied 141 per cent from a level of Rs 16.6 reached on September 12, 2023.
The company on March 5, 2024 received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator with its payment gateway brand – CCAvenue.
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RBI had introduced the payment aggregator framework in March 2020, which necessitates payment gateways to secure an aggregator license for acquiring merchants and delivering digital payment acceptance solutions.
The company also recently received RBI approval to act as an Operating Unit under Bharat Bill Pay license. These are the system participants in BBPS, which may function either as a Biller Operating Unit (BOU) or a Customer Operating Unit (COU) or both.
The company has total 10 million plus merchants on its platforms. In the first half of FY24, it has already onboarded over half a million merchants due to its growing relationship with bank partners and merchants, it said.
The company's payment infrastructure solution includes issuing solutions and offering infrastructure for banks.
Its core Payment Gateway (PG) business provides over 200 plus payment options to merchants allowing them to accept payments through website and mobile devices in 27 international currencies.
The company claims its enterprise software platform hosts India's largest online marketplace for government procurement.
It processed transactions worth Rs 4.5 trillion ($54 billion) in FY23. Its clientele includes merchants, enterprises, corporations, governments, and financial institutions in both domestic and international markets.
Its international operations are based in the UAE, Saudi Arabia, Australia, US and Oman.
The company's management believes the recent PA license along with the BBPOU license will help it gear up for an accelerated market share growth in the payment gateway and the Bill Payments space.
On March 11, it unveiled an Artificial Intelligence (AI) product--THEIA-- a video AI developer platform for industries in applications such as sports analytics, media optimisation, traffic management, crowd control, insurance claims processing, optimization of manufacturing units, retail stores, among others.
Separately, last month, it announced an investment of $10 million to acquire a 20 per cent strategic stake in US-based enterprise application and AI development company XDuce.
This has been done to penetrate the US market with CCAvenue Payment Gateway and PhroneticAI Solutions, it said.
