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Infibeam will launch its neo-bank platform in the second half this year, posts net profit of Rs 15 crore

Internet of things, connected web internet

The payments gateway provider Infibeam Avenues, plans to launch its neo-banking platform in the second half of this year. It posted a net profit of Rs 15 crore at the end of the third quarter of the current fiscal, up by 27% from Rs 12 crore in the same quarter of the previous year. The company will focus on expanding its bill payments, remittance and offline payments verticals during the coming year.

The company processed Rs 27,91 crore worth of payments during Q3FY21, up  by a whopping 76% year-on-year. “We processed payments worth Rs 27,916 crore, an average of over Rs 9,200 crore monthly compared to Q2 daily average of Rs 8,000 crore,” the company said in a statement on Thursday. It now has a rolling annual run-rate of $15 billion as of the end of December 2020, it said. Adding that it registered over 200 registrations per day during Q3FY21 compared to 150 in Q2FY21.

On the bill payment side, the company claims it has a 94% market share of the 19,316 billers on the Bharat Bill Payments System (BBPS) as of December 2020. The company has over 650,000 agents through which it provides the BBPS bill payments service. It processed 6.4 million bill payments, up by 31% Qoq

Strategic initiatives

  • B2B digital payments: On-boarded several large corporates as well as HDFC Bank which has white-labelled the solution
  • Express Settlement: Using own funds to settle merchant payments instantly instead of waiting T+2 or T+3. Plan to scale this service from 6-7% of daily payment volumes at present to 30% over the next 2-3 years. Soon the service will be extended to small-medium-enterprises (SMEs)
  • Neo-banking ‘Grit’: Last quarter the company partnered with ICICI Bank for its neo-banking platform for corporates and SMEs. Expect to soft launch in Q2FY22
  • Enterprise Marketplace Platform: Government’s decision to create a unified public procurement portal for all central and state government institutions, including Railuways and Defecen, will add significantly to the Government e-Marketplace platform. GeM, a key client for Infibeam, processed over Rs 83,000 crore worth of orders till date
  • BillAvenue: Bill payment volumes have grown by 222% YoY, as more bill payment categories and billers were on-boarded during the quarter
  • Bank partnerships: The company has partnered with Bank Muscat and BankDhofar in Oman and with JP Morgan Chase Bank India and BankDhofar
  • Future listing: The National Company Law Tribunal has approved Infibeam’s proposal to demerge its e-commerce and marketplace business to Suvidhaa Insoserve Ltd and the themepark and event software business to DRC Systems India Ltd. Subject to regulatory approvals, Suvidhaa and DRC will be listed on the stock exchanges
  • Bonus Issue: The company has announced a 1:1 bonus share issue
  • Corporate Restructuring: Divested 100% ownership of Cardpay Technologies Pvt Ltd to its subsidiary Instant Global Paytech Pvt Ltd
  • New Umbrella Payments Entity: Last quarter Infibeam invested ₹18 crore for a one-third stake in So Hum Bharat Digital Payments Pvt. Ltd. It now has a 50.5% shareholding in So Hum compared to 33% earlier

Operational highlights

“We had the best quarter ever with 53 per cent revenue growth, quarter on quarter, and 47 per cent compared to same quarter last year. Performance was strong across both our business segments that is Digital Payments and Enterprise Software Platforms, on the back of robust growth in operating metrics,” said Vishal Mehta, managing director, Infibeam Avenue. 

The company plans to consolidate its payments services, merchant sourcing platforms through banks, GeM, ResAvenue and Bill Avenue and lending platform through Grit, the neo-banking platform. Essentially, Infibeams clients’ will open a business current account on Grit and thereby gain access to all of the companies services. This will provide the company with multiple sources of revenue generation based on a per transaction revenue model, it said in its investor presentation.

The company’s restructuring of Cardpay Technologies into Instant Global Paytech, aims to strenghten acquistion of merchants in the offline payments space. At present, the company has several partners like Amway, Paytm Payments Bank, HDFC Bank and IndusInd Bank and clients like Dunzo, Scootsy, Droom, Swiggy, Zomato and Yatra.

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Financial Snapshot

  • Operational Revenues: Rs 228 crore, up by  and 53% QoQ
  • Net Profit: Rs 15 crore, up by 27% YoY and 95% QoQ

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