Infibeam, one of the renowned name in e-commercesector has announced that it would invest Rs 45 Crore in CC Avenue, a payment gateway business. Infibeam has signed a term sheet to invest the amount already, and they are in the loop of further discussion for signing a definitive agreement.
Infibeam Investing 45 Crore- How it will invest
Infibeam is investing the amount through its two subsidiary companies- One isNSI Infinium Global, and another isdo-it-yourself e-commerce platform BuildaBazaar.
Infibeam has been a full-fledged e-commerce business which dealt in books, computer accessories, and household items since 2009. At first, it was an automobile portal in 2007 when it was established. In 2011 it set up its logistic company names InfibeamLogistics which supports its shipping in maximum major cities of India.
Why Infibeam is on pace to invest
Infibeam surges up with investing in other companies. It’s clear that they want to diverse their investments and CC Avenue is a good choice because it’s an old payment gateway system and everyone knows it. Infibeam had been running at a loss until last year. Even in last year it posted a loss of Rs. 10.11 crore. But now it’s up for investing its profits as it managed to get a net profit of 9.24 Crore while revenue goes up toRs. 336.95 crore againstRs. 288.2 crore in the previous year. Before few months, Infibeam got SEBI approval to go for IPO (initial public offerings) to collect Rs. 450 crores.