Infibeam is now looking to foray into the card issuance business even as the company had invested in Go Payments last year for 48 per cent stake.
India’s first e-commerce company to go public Infibeam Avenues has reported a fall of over 16.18 per cent in its consolidated net profit from Rs 30.9 crore in Q3 FY20 to Rs 25.9 crore in Q3 FY20. The company includes businesses in digital payments called CCAvenue, enterprise software called BillAvenue for bill payments and ResAvenue for hotel inventory booking and government e-marketplace. On standalone basis, the profit stood at Rs 11.24 crore in Q3 FY20 while for the nine months period in current FY, the standalone profit stood at Rs 31.2 crore — up 280 per cent on year-on-year basis while consolidated profit for the nine months ending December 31, 2019, increased by 58 per cent to Rs 80.7 crore.
The company, in its earnings release on Tuesday, said its digital payments processing transactions grew by 9 per cent to Rs 15,900 crore — the highest ever for the company “despite intense competition and the overall slowdown in the economy. The digital payments and e-commerce technology platforms business for the nine months in FY20 processed transactions worth more than Rs 70,000 crore growing by 50 per cent vis-a-vis same period last year. The volume of payments processed increased by 25 per cent while the value of payments processed grew by 30 per cent. The transactions processed on the Bill payments platform increased by 95 per cent, the company said.
“We will continue to invest and build cutting edge technology and innovate in digital software and payments that will improve the way merchants and customers trade and transact through digitization and democratization of Commerce,” Vishal Mehta, MD, Infibeam Avenues said in the release. The company went public in 2016.
Infibeam is now looking to foray into the card issuance business even as the company had invested in Go Payments last year for 48 per cent stake. Go Payments offers prepaid cards such as meal cards, gift cards etc. to corporates and SMEs. Infibeam will also put an additional Rs 7 crore in Go Payments and increasing its stake to 52.38 per cent to turn it into the company’s subsidiary. For Q4 FY20, Infibeam is aiming at digital payment transactions worth Rs 18,000 crore through the addition of new merchants, new geographies and volumes from existing merchants on the platform, the company said.