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Infibeam Q3FY20: Digital payments see a 38% YoY growth even as total revenue sees a 50.4% YoY decline

Digital payment solutions and enterprise software solutions provider Infibeam Avenues Limited saw a 38% YoY growth in its digital payments processing volume and a 12% YoY growth in the number of transactions. It also launched B2Biz, Infibeam’s bulk payment solution, in January 2020.

Infibeam Avenues divested itself of the now defunct Infibeam B2C e-commerce marketplace and technology platform solutions for small and medium enterprises in FY2019.

Digital Payments: CCAvenue

  • Digital payment processing volume: Rs 15,852 crore, a 38% YoY growth and a 9% QoQ growth; regulatory reforms in digital payments business affected net revenues, according to the earnings release.
  • Number of successful payment transactions processed: 33.7 million, a 12% YoY growth and a 17% QoQ growth
  • Adding at least 200 merchants/day to the payments business, MD Vishal Mehta said during earnings call.
Infibeam, CCAvenue

Performance of CCAvenue. Source: Infibeam

  • Partnerships:
    • Partnered with 3 companies to offer cardless payment services — Osta, a cardless payment service of Brontoo Technology Solutions Private Limited, Flexmoney for InstaCred Cardless EMI, ZestMoney for cardless EMIs.
    • Partnered with Riyad Bank to offer digital payment solutions in UAE
    • Added Bank of Baroda’s EMI facility in its Multi Bank EMI offering; CCAvenue offers EMI facilities of 15 leading banks
  • Plans to enter card issuance business: Acquired a 48% stake in Go Payments (Instant Global Paytech Pvt Ltd) which it will increase to 52.38% by investing Rs 7 crore. Infibeam is also getting into secured lending, Mehta said. The company will take Rs 100 crore as working capital from banks for this, Director Vishwas Patel said.
  • International presence: 60% YoY increase in number of payments and volume processed in 9M-FY20 in UAE; plan to launch in other international locations in the next two years.
  • 3 broad strategies to enhance revenue given the regulatory changes and intense competition in India, Mehta said, are: first, tap into active merchants in Tiers 1, 2 and 3 regions in India; second, technological innovations; and third, strengthen alliance with banks and add more partner banks.

“There are a lot of merchants who are mandated to take on digital payments given the new regulatory requirement from the government and the number of merchants applying for additional digital payment gateways have increased. We believe that tapping into these merchants will allow us to increase transaction share volume as well as margins.” — Vishal Mehta, Managing Director

  • Forex business has an annual rate of $4.3 billion: RemitGuru, in which Infibeam had invested in 2017, had an annual run rate of $4.3 billion in terms of  the number of transactions processed, remittances via the bank and financial institutions, Patel said during the earnings call. Bahrain Finance Corporation has adopted it in its UK subsidiary and in the Middle East, and 8 out of 10 top private banks in India.
  • Looking ahead:
    • Process digital payment transactions worth Rs 18,000 crore through addition of new merchants, new geographies and volumes of existing merchants on the platform
    • Removal of cap on MDR on debit cards in December 2019 on all cards except Rupay means that it will reduce the pricing pressure on operating margins and profitability

Enterprise Software Platform: consists of BillAvenue (bill payments), ResAvenue (hotel inventory booking) and GeM (Government e-Marketplace)


  • Infibeam earns on the value of each transaction on the GeM platform. Thus, higher the value of the transactions, greater the earnings for Infibeam.


  • Interoperable bill payment solution build on Bharat Bill Payment System (BBPS) infrastructure
  • Bill payments processing volume: 57% YoY increase
  • Number of successful bill payments processed: 76% YoY increase
  • Partnerships in Q3FY20:
    • Introduced the LPG category and partnered with Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited
    • Onboarded Palghar Municipal Corporation, the first in Mumbai and third in Maharashtra
  • Live billers: 24
  • Live agent institutions: 151


  • Central hub for distribution of hotel inventory
  • Number of bookings: 3,000 room nights/day
  • Partnered with India’s largest digital payments company as OTA (online travel agent) on Channel Manager Platform for distribution of partner hotels’ room inventories

Financial Figures

  • Revenue: Rs 158.3 crore, 6% QoQ decrease from Rs 168.3 crore (Q2FY20) and a 50.4% YoY decrease from Rs 319.1 crore (Q3FY19); all this revenue is from the segment “Ecommerce – sale of software and ecommerce related ancillary services”, none from “Ecommerce – sale of products)
  • Net Profit: Rs 25.9 crore, a 16.23% decrease YoY from Rs 30.9 crore (Q3FY19), but flat QoQ

Download: Presentation | Earnings Call Transcript | Financials | Press Release

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