Ecommerce platform and payments gateway provider Infibeam Avenues has announced a definitive agreement with Jio Platforms (JPL), a subsidiary of Reliance Industries (RIL).
Infibeam will provide JPL and its affiliates with enterprise ecommerce software and payments platform on a license model, and will customise and maintain the operations for JPL, a statement said.
Infibeam also manages the enterprise ecommerce platform for public sector procurement platform, Government e-Marketplace (GeM), on a revenue-share basis per transaction.
As part of the agreement with JPL, Infibeam will work on a SaaS license model, also providing access to its payment gateway service, CCAvenue, which it had acquired in 2017.
“... We hereby inform that the company has entered into a definitive agreement with Jio Platforms Limited and its affiliates (JPL), to license, customise, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use,” the statement issued by Infibeam said.
In September 2020, the Ahmedabad headquartered company reported a revenue of Rs 103 crore and profits of Rs 12 crore for the first quarter of financial year 2020-2021. The company saw a dip in its payment processing volume and revenues from transactions on the GeM platform owing to Covid-19.
In September 2019, the company demerged its SME commerce and ecommerce marketplace business to Suvidhaa Infoserve.