Headquartered in Gandhinagar, India, Infibeam, the niche digital player in the country, has inked a deal to license its eCommerce and payment software to Jio Platforms. The company revealed in a BSE filing. Post signing the deal with Jio’s digital platform, Infibeam Avenues hit an upper circuit of 5% at INR 82.55.
Infibeam Avenues is the parent company of CCAvenue, a payment gateway venture.
Infibeam, on October 5, 2020, during the post trading hours mentioned, “We hereby inform that the company has entered into a definitive agreement with Jio Platforms Limited and its affiliates, to license, customize, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use.”
Infibeam Avenues share prices rose 210.92% from the 52-week low of INR 26.55 hit on March 24, 2020. Additionally, Infibeam also bagged a contract to run a government e-marketplace (GeM). Other than GeM, the company’s enterprise customer list also includes Nilkamal and Sony, among various others.
The consolidated net profit of Infibeam Avenues tanked at 59.2% to INR 11.75 crore, with a 44.7% fall in net sales to INR 102.66 crore in June Q1 2020 compared to Q1 June 2019.
About Infibeam
Recognized as a leader in digital payments and e-commerce technology platforms, Infibeam Avenues offers a comprehensive solution of web services that cater to digital payments solutions, software platforms, and data center infrastructure.
The solutions by Infibeam Avenues can be deployed by merchants, businesses, and governments in both domestic as well as international market to facilitate online commerce. Solutions by the company enable customers to execute e-commerce transactions in a safe and secure manner.
