wordpress blog stats
Connect with us

Hi, what are you looking for?

Infibeam board approves CCAvenue acquisition

fintech

Infibeam's board has approved the acquisition and amalgamation of payment gateway company Avenues India (CCAvenue), the company has told the stock exchanges. It's going to be an all stock deal: with 260 shares of Infibeam being given for every 100 shares shares of CCAvenue. The acquisition values CCAvenue at a net worth of Rs 123.54 crores, while valuing Infibeam at a consolidated net worth of Rs 781.82 crores, as on March 31st 2017 (FY17). CC Avenue reported a turnover of Rs 157.59 crores in FY17, according to the filing. This acquisition follows the signing of a memorandum of understanding between the two companies in February this year, when Infibeam put in Rs 150 crores into the business for 7.5% of the company. Around 3.85% of Avenues India had already been held by NSI Infinium Global (an Infibeam subsidiary), picked up in June last year, for Rs 60 crore. In addition to this acquisition, Infibeam, last quarter, along with CCAvenue, signed an agreement for investment into RemitGuru as an Anchor Investor. 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. "This investment would be helpful in increasing the cross-border e-commerce 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. In an earnings conference call, Infibeam founder and CEO Vishal Mehta explained that it links directly with e-commerce: "rather than sending money to…

Please subscribe/login to read the full story.
Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

Free Reads

News

The case dates back to 2019 when Spotify filed a complaint against Apple's anti-steering rules which prevented apps like Spotify from informing their users...

News

DIP contains information regarding cases detected as misuse of telecom resources and acts as a back-end repository of all requests received on the Sanchar...

News

Meta's transparency report reveals a sharp rise in GAC orders from India in January 2024, exceeding the overall monthly GAC orders sent in the...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ