Infibeam Avenues, owner of India’s only listed ecommerce platform and parent of payment gateway company CCAvenue, has appointed R Srikanth as president for corporate finance and investor relations, effective early January 2020.
Prior to Infibeam, Srikanth served as president and group CFO of Polaris Financial Technology for five years and Future Software for 14 years. He has also served in various leadership roles in companies that included Reliance Jio Infocomm and Best & Crompton Engineering.
At Infibeam, he will be responsible for strengthening the leadership team with the focus to optimise its digital payment and platform business globally, the Ahmedabad headquartered company said in a statement.
He comes with 30 years of experience in leading corporate finance; investor relations; large funding, mergers and acquisitions (M&A) and end-to-end execution of financial planning and analytics role, the company said.
Srikanth has offered consultancy services in the area of corporate finance and accounting, mergers and acquisitions including funding services to several domestic and international companies, the statement added.
He is a commerce graduate from Madras University and senior fellow chartered accountant and cost & management accountant.
“Digital payments in India is expected to double from $64.8 billion this year to $135.2 billion in 2023 and Infibeam supported by its strong brand CCAvenue having world-class delivery capabilities has exponential opportunities to grow forward. The company is accelerating its presence in both domestic and international markets which is the key growth driver with a potentially positive impact on both topline and bottom line. In addition to the Payments Platform, the company's commerce platform which enables large enterprises including the government will further contribute to growth and profitability,” said Srikanth.
Infibeam Avenues recorded a 43.3% in net profit and a similar rise in the revenue growth for the financial year 2018-19. In a stock exchange filing, the company attributed the rise in the total revenue to Rs 1,159 crore—a 38.1 %increase over the previous fiscal—to the expansion of its payments business and platform services.
Infibeam also agreed to sell its wholly-owned subsidiary Infinium India to Ingenius Ecommerce, which operates business-to-business (B2B) industrial goods aggregation platform Tradohub, in January.
Founded in 2007 by Vishal Ajitbhai Mehta, Infibeam Avenues Limited is an Indian internet and e-commerce conglomerate involved in digital payments, online retailing, e-commerce software. It is an online retailer for books, electronics, and automobiles in India. The company has offices in Ahmedabad, Delhi, Mumbai, and Bengaluru, and claims to have a total of 1300 employees.