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Suvidhaa Infoserve and DRC Systems to be listed; Infibeam demerges businesses

Suvidhaa Infoserve and DRC Systems to be listed; Infibeam demerges businesses
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Mumbai-based fintech solutions company Suvidhaa Infoserve and Gandhinagar-based software solutions firm DRC Systems will soon be listed on the National Stock Exchange and the Bombay Stock Exchange.

Ahmedabad-headquartered digital payments and ecommerce platform operator Infibeam Avenues has announced a demerger of its ecommerce service and other businesses, an official statement said.

As part of the decision, Infibeam will demerge the small and medium enterprise (SME)-focused ecommerce marketplace unit operated by its subsidiary NSI Infinium Global to Suvidhaa.

The demerger will also entail the theme park and event businesses being operated by DRC Systems.

Infibeam will continue to focus on digital payments and ecommerce enterprise platform solutions.

Through the demerger, Infibeam aims to create enhanced value for shareholders and specialisation of services to facilitate growth, the statement added.

As per the demerger arrangement, Suvidhaa will issue 197 equity shares for 1,500 equity shares of Infibeam.

DRC will issue one equity share for 412 equity shares to Infibeam shareholders.

Infibeam provides services such as payment gateway CC Avenue, data centre infrastructure, software platforms for merchants and enterprise operations. The company has expanded its presence to cities such as Mumbai, Delhi, Bengaluru, the UAE and Saudi Arabia.

Suvidhaa Infoserve was founded in 2007 by former Forbes Infotainment executive Paresh Rajda. The company provides services such as digital bill payments, travel ticket booking and insurance payment collections.

Recent developments

In May, Infibeam Avenues posted a rise in revenue and net profit for the financial year 2018-19. The company had attributed the rise in numbers to the expansion of its payment business and platform services.

That same month, Infibeam Avenues entered into an agreement with UAE-based Alrowad Information Technology Solutions to expand its services in the Middle East and Africa.

Earlier this year, it was reported that Infibeam Avenues was considering to terminate the services of chartered accountancy firm SRBC & Co., the audit arm of accounting and advisory firm Ernst & Young.

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