Infibeam Avenue company has expanded its global digital payment gateway infrastructure market to reconstruct and consolidate its international business. The board of directors (BOD) of a fintech company has approved the consolidation of international business. AI Fintech Inc in the USA market, Infibeam Avenues Saudi Arabia for Information Systems Technology. Co in the Saudi Arabia market and Infibeam Avenues Australia in the Australian market are fully owned subsidiary companies. These will become a step‐down subsidiary of the company after being transferred to Infibeam Avenues UAE‐based wholly‐owned subsidiary, Vavian International, the second largest payment aggregator in UAE, said the company.
The total revenue of Infibeam Avenue contributes to the international business at 6 per cent, per FY 21-22 annual report.
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Vishwas Patel, executive director of Infibeam Avenues, said, “We want to increase the diversification of our business through expanding & strengthening in various geographies. And with emerging opportunities in other geographies, a consolidated approach toward international business will boost our international business income contribution to our total revenue in the coming years.
On a consolidated basis, the net profit climbed 68.8 per cent to Rs 23.74 crore on a 93.3 per cent surge in net sales to Rs 418.31 crore in the first quarter of FY23 as compared with the first quarter ofFY22. On the Bombay Stock Exchange, Infibeam Avenues’s shares fell 1.71 per cent to currently trading at Rs 14.40.
