Infibeam

Infibeam Avenues Limited is an Indian multinational financial technology company which offers enterprise digital payment solution globally under the brand name CCAvenue and enterprise e-commerce software platform ('marketplace') services to businesses across various industry verticals and government.[2][3]

Infibeam Avenues Limited
TypePublic
NSE: INFIBEAM
BSE: 539807
IndustryInternet
Founded2007 (2007)
FounderVishal Mehta
HeadquartersAhmedabad, India
Area served
India, Middle East
ServicesOnline payments, Internet services (data centres, domains), e-commerce software
Revenue₹300 crores/₹3 billion[1]
Number of employees
1300 (in 2015)
Websiteia.ooo

History

Background

Infibeam Avenues Limited, formerly known as Infibeam Incorporation Limited was founded in 2007 by Vishal Mehta and is headquartered in Gift City Gandhinagar, India with offices in Delhi, Mumbai and Bengaluru.[4] The company was started with an initial capital of ₹100-150 million.[5] The Company started with online marketplace and expanded into software enabling services in 2011. Infibeam Avenues limited became India’s first listed E-commerce Company on Indian Stock Exchange in 2016. In 2014, Infibeam Avenues launched new generic top level domain (.OOO). The Company become first internet registry in India to launch a generic, top-level domain ‘dot triple O’.[6] In 2017, post Avenues India Pvt limited merger, Infibeam Avenues Limited to enter into Fintech space and today Infibeam Avenues is one of the leading Enterprise Digital Payment Solution provider companies in India and Middle East under the brand name CCAvenue. Infibeam Avenues limited partnered and contracted with JPL and its affiliates, to licence its Enterprise Ecommerce Software Platform and Enterprise Digital Payment Platform, for their internal businesses. .[7][8]

Businesses

Digital Payments

In 2016, Avenues India Pvt Ltd merged with Infibeam to enter into fintech segment. Infibeam Avenues limited offer Enterprise Digital Payment Solution under the brand name CCAvenue to banks and enterprise clients in India and the United Arab Emirates, Kingdom of Saudi Arabia, The United States of America, internationally. CCAvenue is a PCI DSS 3.2.1 compliant payment gateway platform offering merchants with over 240 payment options including net-banking.[9] CCAvenue was founded in 2001 by Vishwas Patel who has been appointed as Executive Director of Infibeam Avenues.[10]

Enterprise Ecommerce Software Platform

Infibeam Avenues' Enterprise Ecommerce Software Platform BuildaBazaar hosts India's largest online marketplace for government procurement.[1][11] The Company also entered into definitive agreement with Jio Platform Limited to offer its Enterprise Software licence and Enterprise Digital Payments Platform to Jio Platforms and its associates for their internal businesses.[12][13][14][15]

On November 20, 2017, Infibeam Avenues launched BillAvenue; an inter-operable digital bill payments platform built over the Bharat Bill Payment System (BBPS) infrastructure to enables service providers to accept bill payments from customers nation-wide, both through online and offline channel.[16]

Data Centre Infrastructure Services

The Company forayed into the segment of infrastructure or data centre-as-a-service and have built a state-of-the-art Tier – III data centre in Gift City, Gandhinagar. It has received Tier-III design certification from Uptime Institute as it is equipped with fully redundant and dual-powered servers, storage, network links and other IT components.[17] Infibeam Avenues has partnered with IBM India to develop implement and promote blockchain capabilities on the LinuxOne platform, the first of its kind in India.[18][19]

.OOO Registry Services
Main article: .ooo

Infibeam Avenues launched generic top level domain (GTLD) ‘dot triple O’ or ‘.OOO’ internet registry in India in 2014. This new GTLD ‘.OOO’ is aimed at providing alternate domain registration solutions to next generation businesses that were unable to locate their brand name or business names on popular domains.[20][6]

Acquisitions and Partnership

In November, 2020, Infibeam Avenues collaborated with Bank Muscat, a financial services provider in the Sultanate of Oman.[21]

On October 14th, 2020, Infibeam Avenues entered into definitive agreement with JPMorgan Chase Bank to use Company’s flagship enterprise payment platform CCAvenue for processing transactions of its enterprise clients.[22] The company also signed a deal to license its e-commerce and payment software with Jio Platforms, Reliance Jio's digital platform venture.[23] In 2017, Infibeam and its other partners received a contract to manage the Government e-Marketplace (GeM) portal.[24]

On October 9th, 2020, Infibeam Avenues partnered with Oman’s Bank Dhofar SAOG to offer CCAvenue Payment Gateway Service to process online card transactions of various payment networks for Bank Dhofar SAOG and help the bank to authorise online payment for its customers.[25]

In June 2020, Infibeam Avenues acquired Bengaluru-based Cardpay Technologies Ltd.[26]

In August 2019, Infibeam Avenues partnered with Riyad Bank for digital payments solution and with this the company has made inroads into Saudi Arabia’s digital payment space.[27]

In December 2018, Infibeam Avenues invested to take 48% stake in Mumbai-based digital payments tech firm Instant Global Paytech Pvt. Ltd (IGPL), which operates Go Payments.[28]

In March 2017, Infibeam Avenues acquired DRC Systems India Pvt Ltd, a company engaged in the business of providing software solutions for enterprise E-commerce, ERP and related solutions.[29]

In March 2017, Infibeam Avenues and Avenues (India) Private Limited entered into binding agreement to merge and take control of CCAvenue through Equity Stake.[9]

In October 2017, Infibeam Avenues has entered into MoU with IL&FS Townships & Urban Assets Limited ("ITUAL") for undertaking and implementing projects in digital space and e-commerce for Central Government, various State Governments and Private Partners.[30]

In July 2017, Infibeam Avenues along with consortium partners were rewarded contract for Managed Service Provider from Government of India to design, develop, implement, operate and maintain Government e-Marketplace portal “GeM”.[31]

Awards and Recognition
  • Best Digital Payment Processor India Digital Summit 2020, by IAMAI[32]
  • In February 2018, Infibeam was ranked 418th in The Financial Times and Statista's FT1000 High Growth Companies Asia - Pacific 2018.[33]
  • Most Innovative Payment Service Provider & Fastest Growing Online Payment Service Provider (U.A.E) International Finance Awards 2019.[34]
  • Infibeam was conferred with Consumer Durable & E-Retail of the Year Award at E-Retail Award 2018 by Franchise India held on 16–17 April 2018 in JW Marriott Hotel, New Delhi.[35]

References
  1. Umarji, Vinay (1 November 2013). "Infibeam to foray into UAE market". Business Standard. Retrieved 6 November 2013.
  2. Dutta, Vishal (19 August 2019). "Fintech firm Suvidhaa plans e-commerce foray". The Economic Times.
  3. "Migration Message" (PDF). Suvideals.ooo.
  4. S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 29 April 2013.
  5. Suresh P. Iyengar (6 October 2013). "No competitors here, all are partners". The Hindu Business Line. Retrieved 8 December 2014.
  6. "Ahmedabad firm introduces DOT TRIPPLE O power domain for internet - Times of India". The Times of India.
  7. Pahwa, Nikhil. "Confirmed: Infibeam Acquires Picsquare.com". MediaNama. Retrieved 29 April 2013.
  8. "India gets 2nd e-book reader Wink XTS". The Times of India. 20 August 2010. Retrieved 18 January 2017.
  9. "Infibeam set to merge payment gateway firm CCAvenue with itself". Techcircle. 14 February 2017.
  10. "Over 50% Of Indians Opted For Online Mobile Recharges In 2020 Due To Covid-19 Pandemic". Moneycontrol. Retrieved 21 January 2021.
  11. Rohin Dharmakumar (13 May 2013). "How the Rise of Third Party Marketplaces can Alter Indian E-Commerce". Forbes India. Retrieved 10 June 2013.
  12. "TTK Prestige Announces e-Commerce Alliance with Infibeam.com". The Economic Times. 21 January 2010. Retrieved 5 May 2013.
  13. S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 4 May 2013.
  14. "Infibeam.com & NDTV Enter Into eCommerce Alliance". Archived from the original on 29 September 2011. Retrieved 15 June 2011.
  15. "Hidesign Website Uses Infibeam.com's Technology Platform". Efytimes.com. 19 May 2010. Archived from the original on 6 October 2014. Retrieved 31 January 2016.
  16. "Infibeam subsidiary Avenues India launches BillAvenue - ET Retail". ETRetail.com.
  17. George, Aaron St. "Infibeam Avenues receives Tier III Design Certification from Uptime Institute for its Data Center - equitybulls.com". uptimeinstitute.com.
  18. "Infibeam Avenues Limited". ibm.com.
  19. "Infibeam Avenues partners with IBM to deploy blockchain solutions in India". Techcircle. 21 December 2018.
  20. "Infibeam to offer '.ooo' for '.com-savvy' netizens". The Hindu Business Line. 23 September 2014. Retrieved 29 September 2014.
  21. Dave, Sachin. "Infibeam enters Oman e-commerce market, ties up with Bank Muscat". The Economic Times.
  22. Market, Capital (14 October 2020). "Infibeam Avenues rises on signing agreement with JP Morgan". Business Standard India.
  23. "Infibeam Avenues signs deal to license ecommerce and payment software to Jio Platforms". The Economic Times. 5 October 2020. Retrieved 11 October 2020.
  24. Suneja, Kirtika; Agarwal, Surabhi (25 July 2017). "Intellect, Infibeam bag contract for government marketplace". The Economic Times. Retrieved 11 October 2020.
  25. "Infibeam Avenues inks deal with Oman's Bank Dhofar for online payments". The Financial Express. 9 October 2020.
  26. "Infibeam Avenues acquires Cardpay Technologies". The Economic Times.
  27. Dutta, Vishal. "Riyad Bank: CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space". The Economic Times.
  28. "Infibeam Avenues invests in Instant Global Paytech". www.businesstoday.in.
  29. Dutta, Vishal. "Infibeam acquires cloud ERP solutions provider DRC Systems". The Economic Times.
  30. "Infibeam Incorporation shines 7% after signing MoU with IL&FS". www.indiainfoline.com.
  31. Suneja, Kirtika; Agarwal, Surabhi. "Intellect, Infibeam bag contract for government marketplace". The Economic Times.
  32. "CCAvenue: CCAvenue awarded the 'Best Digital Payment Processor' at IAMAI's India Digital Summit 2020". www.ccavenue.com.
  33. "FT 1000: High-Growth Companies Asia-Pacific". ig.ft.com. Retrieved 14 June 2018.
  34. "CCAvenue: CCAvenue wins 'Most Innovative Payment Service Provider' and 'Fastest Growing Online Payment Service Provider' accolades at the International Finance Awards". www.ccavenue.us.
  35. "Indian Retail & eRetail Congress 2018". www.indianretailer.com. Retrieved 18 June 2018.
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