Ahmedabad-based Infibeam Avenues has divested its 51% ownership with control in its wholly-owned subsidiary Infibeam Logistics to Osia Hypermart Retail (Osia).
The consideration received from the sale/disposal is Rs 19 crores for 51% equity ownership with control, the company said in a statement.
The expected date of completion of the sale is on or before November 15, 2020. Osia, a supermarket chain, opened its first store in Ahmedabad in 2014 and now has 13 stores across Gujarat.
Last month Infibeam Avenues reported revenue of Rs 103 crore for the first quarter of the financial year 2020-21, down 24% from Rs 135.9 crore revenue in the previous quarter ending March 31 (QoQ).
Founded in 2010 by former Amazon executive Vishal Mehta, Infibeam started off primarily as an ecommerce firm, but later pivoted to other segments. In March 2016, it became one of the youngest firms to list on the bourses after floating its initial public offering. The company now focuses on digital payments and enterprise focused ecommerce solutions business.
In January 2019, Infibeam agreed to sell its wholly owned subsidiary Infinium (India) to Ingenius E-commerce, which operates business-to-business industrial goods aggregation platform Tradohub.