Indian Ecommerce firm Infibeam recently announced that they have received nod from their shareholders to expand their business in IT segment, set-up a payments bank and generate Rs. 2,000 crore. The shareholders have also agreed for change in their name from “Infibeam Incorporation Limited” to “Infibeam Avenues Limited”, according to a regulatory filing.
The company official said that approval from their shareholders is very important for them. They also seek approval to explore business opportunities in IT hardware manufacturing sector.
Infibeam plans to expand its financial technology and business by seeking RBI permit that makes them eligible to issue all kinds of prepaid payment instruments like- co-branded wallets, e-wallets and any other pre-payment module. These modules would be tried and tested that are usually approved by the shareholders.
The consolidated profit of Infibeam after tax has been more than doubled to Rs. 88.1 crore in 2018 from Rs. 43.5 crore just a year ago. The reason is its three fold growth in its services business.