Infibeam partners Suvidhaa Infoserve

BSE-listed Infibeam Avenues Monday said it has forged an alliance with Suvidhaa Infoserve for last-mile delivery of financial products and services.

Both companies are planning to develop an omni-channel marketplace, whereby Infibeam.com will be connected to Suvidhaa's vast network of 91,000 outlets under 4,500 pin codes, a statement said.

Suvidhaa Infoserve distributes personal loan, business loan, investment in mutual fund, insurance, banking services such as bank account opening and deposits, and prepaid cards as well as utility bill payments and assisted e-commerce.

As part of the agreement, Suvidhaa will acquire 5 per cent stake at Rs 25 crore, valuing Infibeam.com at Rs 500 crore, the statement said.

Infibeam.com is a marketplace operated by NSI Infinium Global, which is wholly-owned subsidiary of Infibeam Avenues Ltd.

At a later date, Infibeam Avenues will divest the subsidiary to Suvidhaa through the scheme of amalgamation.

Shapoorji Pallonji Mistry is an angel investor and owns minority stake in Suvidhaa.

"Subsequent to merger, all sales channels including Infibeam.com and channel stores enabling retailing of products by NSI will continue to be managed by the merged entity," the statement said.

The technology implementations of web stores for third party retailers will be managed by Infibeam Avenues. Infibeam.com would find the strategic business growth under this newly formed arrangement, it added.