India’s first publicly listed e-commerce company Infibeam posted a 28% year-on-year increase in its volume of payment transactions processed. The company, in its Q3 Fy19 standalone financial results, said that 30 million transactions were processed worth Rs 11,470 crore up by 112% year-on-year. Also, its cumulative order value on the government’s marketplace portal GeM stood at Rs 18,894 crore.
Infibeam, in 2017, had bagged the contract to run the GeM platform as a managed service provider and the contract was reportedly worth Rs 1,000 crore.
“Our strong performance for the quarter was a result of strong traction in the payments business, GeM contribution, and the synergies being realised across our cloud platforms,” managing director Vishal Mehta said in the financials disclosed.
Gandhinagar-based Infibeam also reported a 1294% jump in net profit to Rs 26.6 crore in the said period from Rs 1.9 crore last year. The revenue also increased 104% year-on-year to Rs 150.3 crore even as EBIDTA shot up from Rs 18.7 crore to Rs 45.7 crore.
Mehta said that the company is progressing towards processing Rs 50,000 crore worth payments by the year end as it focuses on digital payments in the next fiscal year.
Our strategic investments to expand our footprint and divestments of non-core business will go a long way in providing higher returns to our shareholders, Mehta added.
To focus on the core web services business and payment solutions that drove its current performace, the company has divested its product business, contributing 2% of net revenues as of FY18, to Shapoorji Pallonji Mistry-backed fintech company Suvidhaa Infoserve.
Suvidha, which partnered with Infibeam in December last year for its last mile delivery of financial products, has put Rs 25 crore in the company’s subsidiary NSI Infinium Global. This valued Infibeam.com at Rs 500 crore.
Infibeam offers multi-channel payment processing services under the brand name CCAvenue. The company acquired payment gateway firm CCAvenue in 2017.
The company currently has more than 6 lakh merchants across its e-commerce and payments business.
