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Infibeam net profit soars to Rs 13.6 crore for March quarter; RemitGuru investment

Ecommmerce company Infibeam’s net profit zoomed 489%  year-on-year for the quarter ended March 2017 (Q4 FY17). The company posted net profit of Rs 13.6 crore compared to Rs 2.3 crore in the same period last year. For the full financial year, Infibeam posted a net profit of Rs 43.5 crore compared to Rs 8.8 crore last year, a growth of 396%.

Infibeam posted a total revenue of Rs 120.9 crore for the quarter and grew 60% from Rs 75.6 crore in Q4FY16. Full year total revenue stood at Rs 441.3 crore, growing 31% from Rs 336.9 crore last year.

During the quarter, revenue from services grew by 97% to Rs 53.9 crore compared to Rs 27.4 crore in Q4 FY16. For the full year,  the services segment FY17 grew by 56% to Rs 159.9 crore compared to Rs 102.8 crore in FY16. The segment posted a profit of Rs 25.37 crore.

Infibeam’s services segment includes BuildaBazaar platform which provides cloud-based solutions for merchants.  Their merchant base stood at 71,341 merchants, up from 66,109  at the end of the previous quarter. BuildaBazaar earns by charging a set-up cost to merchants, as well as through monthly fee and a per-transaction commission.

E-commerce results

Infibeam’s e-commerce revenue stood at Rs 67 crore, a growth of 39% from Rs 48.2 crore in the same quarter last year. FY17 grew by 20% to Rs 281.5 crore compared to Rs 234.1 crore in FY16. The e-commerce division posted a loss of Rs 4.32 crore for the quarter.

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Speaking to MediaNama, Infibeam CEO Vishal Mehta said that the company will be investing around Rs 37.5 crore in the e-commerce segment this year to expand to 75 cities in the country. He added that the company will be making investments primarily on the logistics side. “We will be looking at providing logistics to both the supplier and the merchant,” Mehta added.

It also reported 8.17 million active users on Infibeam.com.

Other highlights

– RemitGuru investment: Infibeam, along with CC Avenue, signed an agreement for investment into RemitGuru as an Anchor Investor. ” This investment would be helpful in increasing the cross-border ecommerce business transactions and making the remittance business cash free through fin-tech solutions,” the company said. Prior to this investment, CCAvenue already held 26.76% equity stake in RemitGuru.

RemitGuru is a digital cross border money remittance solution. Customers from more than 25 countries send money to India through this platform in 8 currencies.

CCAvenues investment: Infibeam entered into a deal with payment gateway business CC Avenue put in an additional Rs 150 crore, for 7.5% share in the company. This follows a deal in May last year where Infibeam put in Rs 45 crore into Avenues. The company is moving towards an acquisition.

– BCCL deal: Infibeam issued fully convertible into equity shares worth Rs 60 crores to Bennett Coleman and Company Limited (BCCL), on preferential issue basis at a conversion price of Rs 1,375/- per equity share.

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Download: Press release | Financials

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