Infibeam Avenues Acquires Sintex Corporate House for INR 1 Billion in AI Ecosystem
Infibeam Avenues Ltd, a leading Indian fintech firm, has advanced its mission of building a self-reliant AI and tech ecosystem. The company's subsidiary, Infibeam Projects Management Pvt Ltd, has completed the purchase of the partly constructed Sintex Corporate House from Aavas Trust, an entity within the Aditya Birla Group. This strategic acquisition, valued at around INR 1 billion, encompasses a 76,250 square feet plot and a partially constructed building spanning 420,000 square feet.
The recently acquired building will serve as an extension of Infibeam Avenues Ltd's envisioned GIFT city AI Hub. In the first quarter of FY24, the company unveiled its ambitious plans to enter the Artificial Intelligence (AI) enabled fraud detection and prevention market, along with the establishment of India's first AI Hub at GIFT city. Infibeam Avenues Ltd is well-positioned to benefit from the Gujarat Government's recently introduced IT/ITeS Policy 2022-27, which includes a significant one-time CAPEX support of up to INR 2 billion. The company aims to make the most of this opportunity to drive its growth and success.
Vishal Mehta, the Chairman and Managing Director of Infibeam Avenues Ltd, emphasized their focus on nurturing a cooperative AI and tech ecosystem that supports the company's expansion in AI and software development, as well as the growth of independent AI and technology enterprises in India. He stated, "Our emphasis is on fostering a harmonious, self-sufficient, and mutually beneficial AI and tech ecosystem that will not only bolster Infibeam's growth in the AI and software development sector but also foster the emergence of independent AI and technology enterprises in India".
Within this 'Symbiotic' framework, AI and tech companies will have dedicated space within the 'AI & Tech Hub,' encouraging collaboration within the ecosystem. The company will provide comprehensive support to help these businesses thrive independently and contribute to a thriving AI ecosystem. Infibeam Avenues Ltd's objective is to become a significant player in the AI-based fraud detection and prevention market, which is projected to grow from approximately US$26 billion in 2021 to US$129 billion by 2029. To support this, the company has established a dedicated AI vertical business unit, FAR (Fraud Detection, Authentication, and Risk Identification), which will develop AI-based products and services customized for identifying payment and financial frauds across various sectors.
In the second quarter of FY24, the company reported a consolidated net profit, excluding mark-to-market movements from investments in listed securities, increased by 191% YoY to INR 383 million, with revenue surging by 66% to INR 7,899 million. Infibeam Avenues Ltd. is a global fintech company that offers digital payment solutions and enterprise software platforms to businesses and governments. It operates a core Payment Gateway business, providing over 200 payment options to merchants, as well as hosting India's largest online marketplace for government procurement. The company processed transactions worth INR 4.5 lac crore (US$ 54 billion) in FY23 and serves over 8 million clients across digital payments and enterprise software platforms, both in India and internationally.
