Infibeam

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Infibeam Avenues Limited
Public
Traded asNSE: INFIBEAM
BSE: 539807
IndustryInternet
Founded2007 (2007)
Founder(s)Vishal Mehta
HeadquartersAhmedabad, India
Area served
India, Middle East
ServicesOnline payments, Internet services (data centres, domains), e-commerce software
Revenue₹300 crores/₹3 billion[1]
Number of employees
1300 (in 2015)
Websiteia.ooo

Infibeam Avenues Limited is an Indian multinational financial technology company which offers enterprise digital payment solution globally under the brand name CCAvenue and enterprise e-commerce software platform ('marketplace') services to businesses across various industry verticals and government.[2][3]

History[edit]

Infibeam Avenues Limited, formerly known as Infibeam Incorporation Limited was founded in 2007 by Vishal Mehta and is headquartered in Gift City Gandhinagar, India with offices in Delhi, Mumbai and Bengaluru.[4] The company was started with an initial capital of ₹100-150 million.[5] The Company started with online marketplace and expanded into software enabling services in 2011. Infibeam Avenues limited became India’s first listed E-commerce Company on Indian Stock Exchange in 2016. In 2014, Infibeam Avenues launched new generic top level domain (.OOO). The Company become first internet registry in India to launch a generic, top-level domain ‘dot triple O’.[6] In 2017, post Avenues India Pvt limited merger, Infibeam Avenues Limited to enter into Fintech space and today Infibeam Avenues is one of the leading Enterprise Digital Payment Solution provider companies in India and Middle East under the brand name CCAvenue. Infibeam Avenues limited partnered and contracted with JPL and its affiliates, to licence its Enterprise Ecommerce Software Platform and Enterprise Digital Payment Platform, for their internal businesses. .[7][8]

In 2008, Infibeam acquired Picsquare.com, a personalised photo printing website. In 2014, it acquired Odigma, a digital marketing company, for US$5 million.[9] In 2017, it signed a Memorandum of Understanding (MOU) to acquire DRC Systems, a provider of enterprise ERP solutions and customized software for e-commerce applications.

In March 2017, Infibeam Avenues and Avenues (India) Private Limited entered into binding agreement to merge and take control of CCAvenue through Equity Stake.[10]

Acquisitions and Partnership[edit]

In November, 2020, Infibeam Avenues collaborated with Bank Muscat, a financial services provider in the Sultanate of Oman.[11]

On October 14th, 2020, Infibeam Avenues entered into definitive agreement with JPMorgan Chase Bank to use Company’s flagship enterprise payment platform CCAvenue for processing transactions of its enterprise clients.[12] The company also signed a deal to license its e-commerce and payment software with Jio Platforms, Reliance Jio's digital platform venture.[13] In 2017, Infibeam and its other partners received a contract to manage the Government e-Marketplace (GeM) portal.[14]

On October 9th, 2020, Infibeam Avenues partnered with Oman’s Bank Dhofar SAOG to offer CCAvenue Payment Gateway Service to process online card transactions of various payment networks for Bank Dhofar SAOG and help the bank to authorise online payment for its customers.[15]

In June 2020, Infibeam Avenues acquired Bengaluru-based Cardpay Technologies Ltd.[16]

In August 2019, Infibeam Avenues partnered with Riyad Bank for digital payments solution and with this the company has made inroads into Saudi Arabia’s digital payment space.[17]

In December 2018, Infibeam Avenues invested to take 48% stake in Mumbai-based digital payments tech firm Instant Global Paytech Pvt. Ltd (IGPL), which operates Go Payments.[18]

In March 2017, Infibeam Avenues acquired DRC Systems India Pvt Ltd, a company engaged in the business of providing software solutions for enterprise E-commerce, ERP and related solutions.[19]

In March 2017, Infibeam Avenues and Avenues (India) Private Limited entered into binding agreement to merge and take control of CCAvenue through Equity Stake.[10]

In October 2017, Infibeam Avenues has entered into MoU with IL&FS Townships & Urban Assets Limited ("ITUAL") for undertaking and implementing projects in digital space and e-commerce for Central Government, various State Governments and Private Partners.[20]

In July 2017, Infibeam Avenues along with consortium partners were rewarded contract for Managed Service Provider from Government of India to design, develop, implement, operate and maintain Government e-Marketplace portal “GeM”.[21]

Businesses[edit]

Infibeam's businesses include e-commerce platform software service through 'buildabazaar.com', digital Payments, domain names and other internet services. The turnover of the company was reported to be ₹10 billion as of November 2013.[1][22]

Digital Payments[edit]

In 2016, Avenues India Pvt Ltd merged with Infibeam to enter into fintech segment. Infibeam Avenues limited offer Enterprise Digital Payment Solution under the brand name CCAvenue to banks and enterprise clients in India and the United Arab Emirates, Kingdom of Saudi Arabia, The United States of America, internationally. CCAvenue is a PCI DSS 3.2.1 compliant payment gateway platform offering merchants with over 240 payment options including net-banking.[10]

Enterprise Ecommerce Software Platform[edit]

Infibeam Avenues' Enterprise Ecommerce Software Platform BuildaBazaar hosts India's largest online marketplace for government procurement. The Company also entered into definitive agreement with Jio Platform Limited to offer its Enterprise Software licence and Enterprise Digital Payments Platform to Jio Platforms and its associates for their internal businesses.[23][24][25][26]

On November 20, 2017, Infibeam Avenues launched BillAvenue; an inter-operable digital bill payments platform built over the Bharat Bill Payment System (BBPS) infrastructure to enables service providers to accept bill payments from customers nation-wide, both through online and offline channel.[27]

Logistics aggregation platform[edit]

ShipDroid, a logistics aggregation platform launched in January 2015, to provide uniformity of logistics services to small merchants across all courier partners. The platform covers 20,000 pincodes across 600 cities. The platform lets merchants choose modes of delivery such as surface, rail, or air mode, and can opt for delivery commitment SLAs such as express or regular.[28][29][30]

Data Centre Infrastructure Services[edit]

The Company forayed into the segment of infrastructure or data centre-as-a-service and have built a state-of-the-art Tier – III data centre in Gift City, Gandhinagar. It has received Tier-III design certification from Uptime Institute as it is equipped with fully redundant and dual-powered servers, storage, network links and other IT components.[31] Infibeam Avenues has partnered with IBM India to develop implement and promote blockchain capabilities on the LinuxOne platform, the first of its kind in India.[32][33]

.OOO Registry Services[edit]

Main article: .ooo

Infibeam Avenues launched generic top level domain (GTLD) ‘dot triple O’ or ‘.OOO’ internet registry in India in 2014. This new GTLD ‘.OOO’ is aimed at providing alternate domain registration solutions to next generation businesses that were unable to locate their brand name or business names on popular domains.[34][6]

E-book reader[edit]

In February 2010, Infibeam launched Pi, an e-book reader that uses E-Ink electronic paper technology. Pi has a six-inch screen with eight level grayscale non-backlit display.[35][36] The device has the capability to play music files, read Word documents and also supports 13 Indian languages.[37][38][39] In 2011, Infibeam launched the second version of its e-book reader, Pi2.[40] Pi2 is a touchscreen device and has wireless connectivity. They claim the battery power lasts up to 8,000 page reads.[40] The company has over 500 thousand e-books on its web store which readers can access from the reader to purchase e-books.[41] Infibeam followed the Pi2 with an Android tablet called Phi.

Awards and Recognition[edit]

  • Best Digital Payment Processor India Digital Summit 2020, by IAMAI[42]
  • In February 2018, Infibeam was ranked 418th in The Financial Times and Statista's FT1000 High Growth Companies Asia - Pacific 2018.[43]
  • Most Innovative Payment Service Provider & Fastest Growing Online Payment Service Provider (U.A.E) International Finance Awards 2019.[44]
  • Infibeam was conferred with Consumer Durable & E-Retail of the Year Award at E-Retail Award 2018 by Franchise India held on 16–17 April 2018 in JW Marriott Hotel, New Delhi.[45]
  • In February 2018, Infibeam was ranked 418th in The Financial Times and Statista's FT1000 High Growth Companies Asia - Pacific 2018.[46]
  • Infibeam was conferred with Consumer Durable & E-Retail of the Year Award at E-Retail Award 2018[47] by Franchise India held on 16–17 April 2018 in JW Marriott Hotel, New Delhi.[48] At the same award function, Infibeam's subsidiary CC Avenue was conferred with "Best Innovation in E-Commerce Payment".[49]

References[edit]

  1. ↑ 1.0 1.1 Umarji, Vinay (1 November 2013). "Infibeam to foray into UAE market". Business Standard. Retrieved 6 November 2013.
  2. ↑ Dutta, Vishal (19 August 2019). "Fintech firm Suvidhaa plans e-commerce foray". The Economic Times.
  3. ↑ "Migration Message" (PDF). Suvideals.ooo.
  4. ↑ S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 29 April 2013.
  5. ↑ Suresh P. Iyengar (6 October 2013). "No competitors here, all are partners". The Hindu Business Line. Retrieved 8 December 2014.
  6. ↑ 6.0 6.1 "Ahmedabad firm introduces DOT TRIPPLE O power domain for internet - Times of India". The Times of India.
  7. ↑ Pahwa, Nikhil. "Confirmed: Infibeam Acquires Picsquare.com". MediaNama. Retrieved 29 April 2013.
  8. ↑ "India gets 2nd e-book reader Wink XTS". The Times of India. 20 August 2010. Retrieved 18 January 2017.
  9. ↑ Pandit, Virendra (24 February 2014). "Infibeam acquires digital marketer ODigMa for $5 mn". The Hindu Business Line. Retrieved 2 March 2014.
  10. ↑ 10.0 10.1 10.2 "Infibeam set to merge payment gateway firm CCAvenue with itself". Techcircle. 14 February 2017.
  11. ↑ Dave, Sachin. "Infibeam enters Oman e-commerce market, ties up with Bank Muscat". The Economic Times.
  12. ↑ Market, Capital (14 October 2020). "Infibeam Avenues rises on signing agreement with JP Morgan". Business Standard India.
  13. ↑ "Infibeam Avenues signs deal to license ecommerce and payment software to Jio Platforms". The Economic Times. 5 October 2020. Retrieved 11 October 2020.
  14. ↑ Suneja, Kirtika; Agarwal, Surabhi (25 July 2017). "Intellect, Infibeam bag contract for government marketplace". The Economic Times. Retrieved 11 October 2020.
  15. ↑ "Infibeam Avenues inks deal with Oman's Bank Dhofar for online payments". The Financial Express. 9 October 2020.
  16. ↑ "Infibeam Avenues acquires Cardpay Technologies". The Economic Times.
  17. ↑ Dutta, Vishal. "Riyad Bank: CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space". The Economic Times.
  18. ↑ "Infibeam Avenues invests in Instant Global Paytech". www.businesstoday.in.
  19. ↑ Dutta, Vishal. "Infibeam acquires cloud ERP solutions provider DRC Systems". The Economic Times.
  20. ↑ "Infibeam Incorporation shines 7% after signing MoU with IL&FS". www.indiainfoline.com.
  21. ↑ Suneja, Kirtika; Agarwal, Surabhi. "Intellect, Infibeam bag contract for government marketplace". The Economic Times.
  22. ↑ Rohin Dharmakumar (13 May 2013). "How the Rise of Third Party Marketplaces can Alter Indian E-Commerce". Forbes India. Retrieved 10 June 2013.
  23. ↑ "TTK Prestige Announces e-Commerce Alliance with Infibeam.com". The Economic Times. 21 January 2010. Retrieved 5 May 2013.
  24. ↑ S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 4 May 2013.
  25. ↑ "Infibeam.com & NDTV Enter Into eCommerce Alliance". Archived from the original on 29 September 2011. Retrieved 15 June 2011.
  26. ↑ "Hidesign Website Uses Infibeam.com's Technology Platform". Efytimes.com. 19 May 2010. Archived from the original on 6 October 2014. Retrieved 31 January 2016.
  27. ↑ "Infibeam subsidiary Avenues India launches BillAvenue - ET Retail". ETRetail.com.
  28. ↑ "Infibeam introduces logistics platform for online merchants". Business Line. 30 January 2015. Retrieved 3 February 2015.
  29. ↑ Chitra Unnithan (31 January 2015). "Infibeam introduces logistic platform for merchants". The Times of India. Retrieved 3 February 2015.
  30. ↑ Vivek Pai (3 February 2015). "Infibeam launches logistics services marketplace ShipDroid". Medianama.com. MediaNama. Retrieved 3 February 2015.
  31. ↑ George, Aaron St. "Infibeam Avenues receives Tier III Design Certification from Uptime Institute for its Data Center - equitybulls.com". uptimeinstitute.com.
  32. ↑ "Infibeam Avenues Limited". ibm.com.
  33. ↑ "Infibeam Avenues partners with IBM to deploy blockchain solutions in India". Techcircle. 21 December 2018.
  34. ↑ "Infibeam to offer '.ooo' for '.com-savvy' netizens". The Hindu Business Line. 23 September 2014. Retrieved 29 September 2014.
  35. ↑ Pooja Chaturvedi (30 May 2010). "E-book reader for Indian languages". Live Mint. Retrieved 6 May 2013.
  36. ↑ "Infibeam Pi: Is this India's killer IT product?". rediff.com. 30 March 2010. Retrieved 27 October 2015.
  37. ↑ Poonam Singhal. "Indian ebook reader : Pi – Kindle's rival". Moneymint.in. Archived from the original on 29 May 2013.
  38. ↑ Dhamini Ratnam (3 February 2010). "India serves Amazon, Apple some humble Pi". Hindustan Times. Archived from the original on 10 October 2014. Retrieved 3 May 2013.
  39. ↑ Puneet Mehrotra (23 October 2010). "Desi Ebook Readers in India". Hindustan Times. Archived from the original on 1 February 2013. Retrieved 3 May 2013.
  40. ↑ 40.0 40.1 Mahananda Bohidar (23 March 2011). "Reason enough to go digital? Infibeam Pi 2". The Hindu Business Line. Retrieved 4 May 2013.
  41. ↑ "Infibeam launches Infibeam Pi2 e-reader". Times of India. 1 March 2011. Retrieved 18 January 2017.
  42. ↑ "CCAvenue: CCAvenue awarded the 'Best Digital Payment Processor' at IAMAI's India Digital Summit 2020". www.ccavenue.com.
  43. ↑ "FT 1000: High-Growth Companies Asia-Pacific". ig.ft.com. Retrieved 14 June 2018.
  44. ↑ "CCAvenue: CCAvenue wins 'Most Innovative Payment Service Provider' and 'Fastest Growing Online Payment Service Provider' accolades at the International Finance Awards". www.ccavenue.us.
  45. ↑ "Indian Retail & eRetail Congress 2018". www.indianretailer.com. Retrieved 18 June 2018.
  46. ↑ "FT 1000: High-Growth Companies Asia-Pacific". ig.ft.com. Retrieved 14 June 2018.
  47. ↑ "Indian Retail & eRetail Congress 2018". www.indianretailer.com. Retrieved 18 June 2018.
  48. ↑ "Indian Retail & eRetail Congress 2018". www.indianretailer.com. Retrieved 18 June 2018.
  49. ↑ "Indian Retail & eRetail Congress 2018". www.indianretailer.com. Retrieved 18 June 2018.
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