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Infibeam enters neobanking with the launch of GRIT

Infibeam enters neobanking with the launch of GRIT
Photo Credit: 123RF.com
28 May, 2021

Ahmedabad based digital payments and ecommerce platform solutions provider Infibeam Avenues announced its foray into neobanking through GRIT, a part of its step-down subsidiary Cardpay Technologies.  

The company also reported net profits of Rs 32 crore for the fourth quarter of financial year 2020-21, up 30% on a year-on-year basis, according to regulatory filings. 

Infibeam acquired Cardpay Technologies in June 2020 to expand its payments business. It also owns payment gateway CCAvenue which accounts for 78% of the company’s revenues, said R Srikanth, president of corporate finance and investor relations at Infibeam.  

The company’s platform business, he added, was also seeing growth on the back increasing transaction volumes on the Government e-Marketplace (GeM). The public procurement platform for goods and services for all government departments and public sector units (PSUs) is one of the customers of Infibeam’s platform business and had seen transaction volumes close to Rs 1 lakh crore (Rs 1 trillion) over the last year, he said. The company makes nearly 10 bps of the total transactions made on the GeM platform. 

Infibeam recorded Rs 66 crore in net revenues for Q4 of FY 2020-21, a 10% growth over the revenue figures of the corresponding quarter last year.  

“In the fiscal year we have achieved milestone of processing highest ever transaction value of Rs 1.4 trillion (nearly $19 billion), despite Covid19 spread impacting some of the key retail sectors like aviation, hospitality, entertainment, travel and tourism. We continue to invest in innovative payment technology solutions to support the vision and growth of our clients and partner,” said Vishwas Patel, executive director at Infibeam in a statement. 

During the financial year, Infibeam also demerged its SME ecommerce and marketplace business to Suvidhaa Infoserve. It also hived-off its theme park and event software business to DRC Systems India. The company board has proposed a dividend of 5% to shareholders following issue of bonus shares in March 2021.