Ahmedabad-based internet and e-commerce conglomerate Infibeam Avenues is investing Rs 250 crore (~ US$35.25 million) to build a back-end blockchain enabled fintech platform catering to BFSIs, SMBs, and corporates, reported Economic Times.
According to the report, Infibeam, which is India’s first listed e-commerce entity, is focused to divest its non-core businesses including consumer marketplace (B2C) and broadband satellite communications services to focus on riding the financial inclusion wave and provide fintech solutions to fast-growing new small and medium businesses entrances in ecommerce space.
In December, Infibeam Avenues signed an agreement with IBM, where later will Develop, Implement and Promote Blockchain applications to Clients on LinuxOne in India.
As per Vishal Mehta, CMD, Infibeam Avenues, “Infibeam will focus on building infrastructure and service computers for secure data storage. Its infrastructure will have Cloud-based Tier-3 Data center which will be able to provide real-time high-speed data computing & storage, with no downtime. The fund will be drawn from the proceed of its IPO. With the data localization law coming in we have an opportunity to provide to others our facilities as demand surges”.
Founded in 2007 by Vishal Mehta, a Cornell and MIT Sloan alumnus, Infibeam operates in digital payments, online retailing, e-commerce software and internet services.
In May last year, Infibeam Inc. has acquired 100% stake in Dubai-based payment gateway Vavian International Ltd. in a deal valued $1.17 million. This made Vavian International a direct subsidiary of Infibeam Global EMEA FZ-LLC, a subsidiary of Infibeam Incorporation Ltd.