Infibeam Avenues Q2FY24 profit soars by 57%, commits Rs 100 crore for AI-Hub
Investing.com | Editor Venkatesh Jartarkar
Published Nov 02, 2023 09:33AM ET
Infibeam Avenues, the Indian e-commerce and payment solutions provider, has reported a 57% quarter-on-quarter (Q-o-Q) growth in profit after tax (PAT) to Rs 40.9 crore ($5.5 million) in Q2FY24, surpassing its Q2FY23 profit of Rs 40.7 crore ($5.4 million). The company's total income and expenses also saw a Q-o-Q increase of 6.3% and 3.8%, respectively.
The impressive financial performance was attributed to an increase in small businesses, resulting in a higher take rate, according to Vishwas Patel, Joint Managing Director of Infibeam Avenues.
In line with its strategic goal of becoming a significant player in AI-based fraud detection, the company has committed Rs 100 crore ($13.4 million) for infrastructure development at its Ahmedabad campus for the GIFT City AI-Hub.
In related news, Infibeam's UAE subsidiary, CCAvenue.ae, has recently launched a QR Code payment solution for UAE merchants. This move underlines the company's ongoing efforts to expand its digital payments portfolio and cater to the growing demand for such services among businesses in the region.
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