DBT Bureau
Pune,18 May 2024
Fintech company Infibeam Avenues has posted a net profit of Rs 49.2 crore in the fourth quarter of FY24, a rise of 28% over the same period last year. Its operating revenue stood at Rs 726.8 crore, a jump of 11% of against the same period of last year.
However, excluding the notional impact arising from mark-to-market gain from investment in listed securities, the company’s net profit saw a 8% year-on-year growth to Rs 35.8 crore during this period.
“Our CCAvenue payments business stands tall on a robust foundation meticulously crafted to propel expansion and set us apart from competitors. A pivotal aspect of our overarching growth strategy revolves around enhancing merchant account engagement. We anticipate this will keep on fueling an upsurge in payment transactions, total payment volume, and net revenue,” said Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.
The continuous expansion of our merchant base has significantly bolstered our achievements, culminating in an impressive total 10M+ merchant accounts by the end of the fiscal year. Additionally, our transaction processing soared in 2024, handling a remarkable Rs 2.57 lakh crore in payment value, excluding Rupay debit cards and UPI payments. This notable growth underscores our unwavering commitment to facilitating seamless transactions and fostering financial prosperity for our valued merchants.
“The company has demonstrated resilience and agility in navigating through the ever-evolving market landscape and was able to maintain its position as a frontrunner in the industry,” said Mr Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Ltd adding further that despite facing challenges posed by the dynamic and competitive environment, the company has exceeded expectations and remains committed to delivering value to its stakeholders.
Infibeam’s sustained growth can be attributed to several factors, with a key driver being its flagship payment brand – CCAvenue.
In addition to its robust payment business, Infibeam’s platform segment has also demonstrated impressive resilience, posting 29% year-over-year increase. This growth is primarily fueled by strategic accounts with large enterprise clients, further solidifying Infibeam’s position as a leader in the digital commerce ecosystem.
In FY24, the company launched its AI business vertical under the brand – Phronetic.AI. The year FY24 witnessed the establishment of an AI-Hub at GIFT City, the appointment of a CEO for the AI business, and the launch of THEIA, a visual AI framework/platform.
As the company took the strategic decision to embrace Artificial Intelligence, it took other crucial decisions to take forward its digital payment business to the next level. The company further strengthened its international play for its payment business, as it realigned its international businesses and received regulatory approval from the Kingdom of Saudi Arabia, and launched mobile-based QR Code payment solutions in the United Arab Emirates market.
Vishwas Patel, Joint Managing Director stated “In the upcoming fiscal year, our strategic focus will be on expanding internationally, with a particular emphasis on the Middle East market. This will accelerate our growth trajectory in this region, our international subsidiary has announced a pre-IPO round of up to USD 25 million. This investment will fuel our expansion efforts and propel us towards capturing a significant market share.”
News Source: Infibeam Avenues media release
