Infibeam Incorporation and Avenues (India) (CC Avenue) will invest Rs 3 crore in Avenues Payments India (RemitGuru) wherein Infibeam will invest Rs 2 crore. Prior to this investment, CC Avenue already holds 26.76% equity stake in RemitGuru.
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.
Infibeam Incorporation is an e-commerce company, provides a cloud-based technology platform, and e-commerce infrastructure and logistics support for various merchants, products, and services in India.