Infibeam Avenues inks MoU with Gujarat govt to invest Rs 2,000 cr by FY30

Infibeam Avenues, on Tuesday, inked a Memorandum of Understanding (MoU) with the Gujarat Government, with a proposed investment of Rs 2,000 crore by the financial year 2030 (FY30).

The company said it aims to develop its Artificial Intelligence (AI) Hub for developing AI technology for payments and platforms aimed at servicing retailers.

It announced the investment plan on the sidelines of the tenth edition of the Vibrant Gujarat Global Summit (VGGS) 2024.

"With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country. The incorporation of AI technology will not only elevate the competitiveness of retailers but also position Gujarat as a leading AI Hub for innovative solutions in the rapidly expanding Indian retail sector," said Vishal Mehta, Chairman and Managing Director of Infibeam Avenues.

The MoU will help the company in obtaining necessary permissions, registrations, approvals, and clearances from state and central government departments, the company said.

The company has officially named its AI-Hub located at GIFT city as 'Phronetic.ai'.

This hub will enable collaboration between the government, private enterprises, tech enterprises, tech start-ups, AI technology developers, and retailers, it said in a statement.

Infibeam aims at transforming retailers through its in-house Vision AI technology, a tool designed to help them by tracking products, customers, and payments through image and video analysis.

It has plans to collaborate with 100,000 retailers to achieve objectives such as enhancing operational efficiencies, improving security measures, advocating for retailers’ policy development needs.

The company said it anticipates creating employment opportunities for over 5,000 individuals through the gig economy and full-time employment in the next five years.