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Infibeam Avenues Ltd.

BSE: 539807 Sector: IT
NSE: INFIBEAM ISIN Code: INE483S01020
BSE 00:00 | 15 Feb 39.50 4.05
(11.42%)
OPEN

38.95

HIGH

41.40

LOW

36.70

NSE 00:00 | 15 Feb 39.45 3.90
(10.97%)
OPEN

39.10

HIGH

41.70

LOW

36.65

OPEN 38.95
PREVIOUS CLOSE 35.45
VOLUME 4269249
52-Week high 242.80
52-Week low 27.65
P/E
Mkt Cap.(Rs cr) 2,620
Buy Price 39.50
Buy Qty 51.00
Sell Price 39.50
Sell Qty 3663.00
OPEN 38.95
CLOSE 35.45
VOLUME 4269249
52-Week high 242.80
52-Week low 27.65
P/E
Mkt Cap.(Rs cr) 2,620
Buy Price 39.50
Buy Qty 51.00
Sell Price 39.50
Sell Qty 3663.00

Infibeam Avenues Ltd. (INFIBEAM) - Company History

Infibeam Avenues Limited formerly known as Infibeam Corporation Limited is India's leading e-commerce and payment solutions provider to businesses and the government. It is the only profitable and publicly-listed e-commerce company in India. Its two main offerings are: E-commerce Solutions via the brand BuildaBazaar an end-to-end SaaS (software as a service) solution that allows merchants to set up an online store manage the back-end (orders inventory logistics) marketing integrate with marketplaces and accept payments; and Payment Solutions via the brand CCAvenue. The company has over 500000 merchants across its web services offerings (e-commerce solutions and payment solutions) including reputed brands such as Amul Adani Nilkamal @Home Saudi Telecom Jumbo Electronics Spykar Esbeda Panasonic Blackberry EsselWorld Imagica Idea Cellular Emaar Government of India Taj Hotels Oberoi Hotels ITC Hotels Hilton MakeMyTrip ClearTrip Shopclues Myntra McDonalds Starbucks Airtel DishTV Go Daddy BookMyShow Vistara Indigo Vivo GAIL gas among many others. Infibeam Avenues also owns and operates a multi-category consumer e-commerce website Infibeam.com strategic to its E-Commerce Solutions offering.Infibeam Corporation Limited was incorporated on June 30 2010 at Ahmedabad Gujarat as a public limited company under the Companies Act 1956 and a certificate of incorporation was issued by the RoC on June 30 2010. A certificate of commencement of business was issued by the RoC on July 3 2010.In 2011 the Company launched 10.00 million SKUs across multiple categories and also launched rewards platform - Crossword Tata AIG and more than 100 Brands. The company also entered into a memorandum of understanding with the Government of Gujarat to power rural e-commerce through Vishwagram.In 2012 the Company launched Buildabazaar enterprise platform.In 2013 the company established INDENT with Sony Music for digital downloads and distribution. The company also launched JIVE HD on Sony Experia phones in Asia. The company also expanded Buildabazaar platform for International clients.In 2014 the Company launched Adlabs Imagica on Buildabazaar large theme park implementation. The Company acquired 100% of OdigMa Consultancy Solutions Private Limited for providing online marketing services to merchants. The company also launched Shipdroid for merchants to use last mile logistics solution software.In 2015 the Company launched login by Infibeam to drive traffic to sites using buildabazaar platform.Infibeam Incorporation raised funds pursuant to Initial Public Offering (IPO) for the purpose of setting up of cloud data centre purchase of property for shifting and setting up of its registered and corporate office setting up of 75 logistic centres purchase of software and for general corporate purposes. The IPO was open for subscription during the period from 21 March 2016 to 23 March 2016. The company issued 10416666 equity shares at face value of Rs. 10/- and Premium of Rs. 422/- and the aggregate issue price of Rs. 432/- per equity share. On 4 July 2016 Infibeam Incorporation announced that has executed an agreement with Gujarat Cooperative Milk Marketing Federation (GCMMF) to provide online ecommerce and mobile platform with integrated logistics framework for on-demand customer purchase of Amul Products.On 26 October 2016 Infibeam Incorporation announced that it has entered into an MoU with IL&FS Township & Urban Assets Limited (ITUAL) for undertaking and implementing projects in digital space and e-commerce for Central Government various State Governments and Private Partners. Infibeam shall set up a Special Purpose Vehicle (SPV) which will be located at GIFT Two Building GIFT City Gandhinagar wherein Infibeam will provide its state-of-the-art technology and office premises for expanding and implementing digital projects that would be implemented by the SPV. The said SPV will target indicative achievable revenue opportunity of Rs 1250 crore over a period of 5 (Five) years starting from F.Y. 2017-18.On 31 March 2017 Infibeam Incorporation announced that it has signed a binding addendum to the Memorandum of Understanding and made payment of Rs 150 crore to acquire 7.5% Equity stake with control of CC Avenue. The Board has also approved further investment of Rs. 60 crores for acquiring 3.85% of stake of CC Avenue already held by NSI Infinium Global Pvt. Limited (NSI) the Wholly Owned Subsidiary of Infibeam Incorporation Limited. With this the total investment made by Infibeam into CC Avenue increases to Rs 210 crore representing 11.35% stake in the CC Avenue. With this investment made by NSI in CC Avenue would be entirely liquidated.On 11 May 2017 Infibeam Incorporation announced that the Board of Directors of the company has approved to make investment in Preference Shares along with Avenues (India) Private Limited (CCAvenue) into Avenues Payments India Private Limited (RemitGuru) as an anchor investor. As a part of this investment transaction Infibeam and CC Avenue will invest Rs 3 crore in RemitGuru wherein Infibeam will invest Rs 2 crore. Prior to this investment CCAvenue already holds 26.76% Equity stake in this Company. This partial acquisition would not fall within related party transaction(s) and no governmental or regulatory approvals are required. This will be a cash deal transaction and this investment will be helpful in increasing the cross-border ecommerce business transactions and making the remittance business cash free through fin-tech solutions. RemitGuru is a digital cross border money remittance solution with a secured scalable and configurable platform. Customers from more than 25 countries send money to India through this platform in 8 currencies. The Company seamlessly integrates to multiple payment systems and compliance networks across the world. Furthermore the company also offers its state of the art platform to banks across the globe to enable them to launch their own cross border transaction services.The Board of Directors Infibeam Incorporation at its meeting held on 13 July 2017 approved Split/Sub Division of Equity Shares of the Company from existing Face Value of Rs 10/- (Rupees Ten Only) per Equity Share to Face Value of Rs. 1/- (Rupee One Only) per Equity Share. The Board also approved the Scheme of Amalgamation of Avenues (India) Private Limited (CCAvenue) with the company. Avenues (India) Private Limited is engaged into the business of online payment gateway online reservation solution for hotels online event the brand 'CC Avenue' and admission collection solution etc.With respect to media reports Fairfax seeks a bite of India EComm pie with Infibeam stake or Fairfax eyes Infibeam stake Infibeam Incorporation clarified to the stock exchanges on 17 August 2017 that the company has not released any specific information pertaining to the news report so far. Under the circumstances the company is unable to confirm or deny the news reports.On 15 March 2018 Infibeam Incorporation informed the stock exchanges that the Company is in receipt of letter dated March 15 2018 from one of the Joint Statutory Auditors i.e. M/s. S S R & Associates LLP Chartered Accountants of the Company expressing its inability to continue due to time and resource constraints and voluntarily resigning as the Joint statutory auditors w.e.f. March 15 2018. Furthermore the Company will continue its association with them through other professional services on mutually agreed terms in future. Whereas M/s. S R S C & Co. LLP Chartered Accountants shall continue to be the Statutory Auditors of the Company.On 29 March 2018 Infibeam Incorporation announced that it has entered into Warrant Subscription Agreement dated March 28 2018 with TV18 Broadcast Limited to issue offer and allot 2145002 fully convertible warrants (Warrants) convertible in to one Equity Share per warrant at an aggregate consideration not exceeding Rs 40 Crore. The Board of Directors of Infibeam Incorporation Limited at its meeting held on 7 May 2018 considered and approved acquisition of entire share capital of Unicommerce eSolutions Private Limited from its existing Shareholders i.e. Jasper Infotech Private Limited (Snapdeal) (Sellers and the Proposed Transaction) for a consideration other than cash for an aggregate consideration not exceeding Rs 120 crore and execution of the Share Purchase Agreement (SPA) on May 7 2018 for acquisition of entire share capital of Unicommerce eSolutions Private Limited from its existing shareholders. Consequent to acquisition of the entire share capital Unicommerce eSolutions Private Limited will become the wholly owned subsidiary of Infibeam Incorporation Limited. The consideration for the acquisition will be by way of issue of Preferential Issue of Optionally Convertible Debenture(s) (OCD) either redeemable or convertible into equivalent number of Equity Shares of Rs. 1/- each for an aggregate consideration not exceeding Rs 120 croresOn 21 May 2018 Infibeam Incorporation announced that its wholly owned subsidiary based in Dubai Infibeam Global EMEAFZ-LLC has acquired 100% Shareholding of Vavian International Limited a company formed and registered in Dubai (Target Company). The acquisition is expected to be completed in next 2 to 4 weeks. Vavian International Limited is engaged in the online digital payments processing business (Payment Gateway services) offered to merchants in the Middle East region. The Target Company processes approx. 2500 transactions having transaction value of AED 2 Million on daily basis.With reference to an article on Infibeam Incorporation circulated in social media Infibeam Incorporation clarified to the stock exchanges on 19 June 2018 that it has been the philosophy of the company to forward invest and not to burn cash in order to just to gain market share; rather to continue generating profits while increasing the market share. The company also clarified that it Infibeam IWS does not sell products. It sells web services for which it charges merchants by way of successful transactions. Infibeam has adopted a different strategy to focus on products which are not necessarily fast selling products. However they do sell for the value that they possess. While the fast moving consumer products have lower profit margins Infibeam believes in selling such products where they remain contribution positive. The company also clarified that it has not announced any plans to venture into the payments bank business.On 27 June 2018 Infibeam Incorporation announced that it has partnered with Network18 Group for launching one of the largest online financial platform moneycontrol.ooo in Hindi. Network18 and Infibeam will jointly promote Moneycontrol Hindi to channelize traffic. Further Infibeam Web Services will enable Network18 to explore various synergistic business strategies specifically in the digital space focusing on collaborative innovation and market expansion. Moneycontrol Hindi on Infibeam platform will enable Network18 to expand its audience reach while offering seamless experience to search and consume financial information in regional format.The name of the company was changed from Infibeam Incorporation Limited to Infibeam Avenues Limited with effect from 23 July 2018 by virtue of Certificate of Incorporation issued by the office of Registrar of Companies Gujarat.On 28 September 2018 Infibeam Avenues clarified to the stock exchanges that the company has given interest free unsecured loan to its wholly owned subsidiary M/s. NSI Infinium Global Pvt Ltd (NSI) since inception. The outstanding loan as on 31 March 2018 stood at Rs 135.02 crore. This is a short term loan which is repayable on demand and has been utilised by NSI solely for its business and operations. NSI is involved in the business of online multi-brand retail trading activity through web portal and also operates a marketplace for products to enable sale of various products on line by merchants. It owns and operates the flagship portal www.infibeam.com. NSI also owns and operates e-commerce technology platform Buildabazaar for products its portal being www.buildabazaar.com for merchants to build their online presence which comes integrated with their own payment gateway and logistics couriers. Given the nature of business of NSI the net worth of NSI has been negative. The net worth of NSI has improved in the last two Fiscals and the Company expects net worth of NSI to improve in coming years. Further the Company has also obtained a legal opinion that it qualifies as an e-infrastructure company and accordingly Section 186 of the Companies Act 2013 is not applicable on Infibeam Avenues as the company falls under Clause 9(b) of the Schedule VI (see Sections 55 and 186) of the Companies Act 2013. Accordingly the company has complied with all applicable provisions of the Companies Act 2013.With regard to a sharp fall in the company's share price on 28 September 2018 Infibeam Avenues said in a statement that the company believes that any increase/decrease in volume of price or shares of the company is purely market driven and that the company has no control over the same. The company does not comment on the market speculation.On 29 September 2018 Infibeam Avenues denied media reports that the company's Chief Financial Officer (CFO) Mr. Hiren Padhya has resigned. In a clarification issued to the stock exchanges the company said that there is no such truth in the matter and Mr. Padhya continues as the CFO of the company.On 15 October 2018 Infibeam Avenues Limited announced that it has executed an agreement with Sintex BAPL Limited (SBAPL). As per the Agreement signed Infibeam will develop integrate implement and maintain an online ecommerce and mobile platform with integrated logistics framework. It will cater the on demand customer purchase of Sintex brand Products. As per the Agreement Infibeam will be remunerated as per the Contractual rates and sales performance. On 3 December 2018 Infibeam Avenues informed the stock exchanges that it has entered into an agreement for investment of Rs 6 crore in Instant Global Paytech Private Limited (IGPL). IGPL is in the business of offering next generation payment technology for offline transactions. The technology enables merchants and retailers to offer digital solutions to the largely cash transacting customers. IGPL largely caters to Tier II and Tier III markets and plans to further penetrate these markets as cash transactions in these markets are relatively higher. IGPL was incorporated on 19 April 2018. It is a related party transaction for Infibeam Avenues and the same is on arm's length basis. However the Promoters do not have any interest.On 10 December 2018 credit rating agency ICRA downgraded the rating on long term fund based facilities of Infibeam Avenues Limited to [ICRA] A from [ICRA] A+ due to subdued scaling up of profits in certain business segments of the company.