Latest News | Infibeam Avenues Expects 70 Pc Growth in Topline This Fiscal on Higher Client Additions

Mumbai, Sep 27 (PTI) Digital payment services provider Infibeam Avenues is expecting more than 70 per cent on-year growth in the topline this fiscal at around Rs 3,500 crore on the back of aggressive client additions.

Founded in 2007 in Gandhi Nagar, Infibeam also expects to earn at least Rs 150 crore in net income this financial year, marginally up from Rs 136 crore in FY23, as it will be hiring more high-tech latent for its upcoming AI hub in the IFSC.

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Infibeam provides digital payment services to e-commerce platforms, digital lending, cloud storage and omnichannel enterprise software to businesses across industries globally. It had a revenue of Rs 2,033 crore in FY23, up 56 per cent on-year.

The company is expecting to grow revenue to Rs 3,500 crore this fiscal from Rs 2,033 crore in FY23 and earn a profit of Rs 150 crore, up from Rs 136 crore a year ago, Infibeam chairman and managing director Vishal Mehta told PTI.

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The company started the current fiscal on a high note reporting the highest-ever quarterly revenue of Rs 742 crore in April-June, which was up by 77 per cent on-year. It earned a net income of Rs 32 crore, which jumped 40 per cent on-year in the quarter. The topline growth was led by its flagship payment brand CCAvenue which clocked 93 per cent more income in the first quarter.

His optimism for record revenue growth comes from the growing merchant additions to its platform by its key products—the merchant payment service CCAvenue and the payment app Tap-pay.

While the number of merchants on CCAvenue has already crossed the 10-million mark by the end of the June 2023 quarter -- adding over 9,000 merchants on a daily basis, Tap-pay is expected to have 1 million customers by the end of the fiscal, having already on-boarded 2.5 lakh in the first quarter, Mehta said.

Touching 10 million merchants in the first quarter is much ahead of the target of March 2024, Mehta said.

Infibeam is also venturing into the artificial intelligence space to address the growing market for AI-enabled fraud detection towards which it will launch an AI hub in the Gift City IFSC. And Mehta said the company will hire about 300 people for the AI hub which should be operational from the first quarter of the next fiscal.

He said the hub will need around 300 people and the same will be completed by December.

On the proposed AI hub he said the idea is to create AI-powered security solutions for fraud detection, authentication, and risk identification for both domestic and global financial markets.

Mehta also said Infibeam is on a global expansion, with operations already actively underway across the UAE, Saudi Arabia, and Oman and on course to expand into the US and Australia.

Once the expansion starts generation business, he expects the share of overseas business to contribute a quarter of its revenue over the next few years from around 8 per cent now.

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