Infibeam Avenues, a prominent digital payment services provider, is anticipating a remarkable 70% year-on-year surge in its topline revenue for the current fiscal year, projecting approximately INR 3,500 crore in earnings. This robust growth is attributed to the company’s aggressive expansion in clientele. In addition to this impressive revenue projection, the company expects its net income to reach at least INR 150 crore this financial year, a slight increase from the INR 136 crore reported in FY23. This surge in profitability is driven by Infibeam’s strategic recruitment of high-tech talent for its forthcoming Artificial Intelligence (AI) hub in the International Financial Services Centre (IFSC).
Infibeam Avenues is known for its comprehensive range of digital payment services, catering to e-commerce platforms, digital lending, cloud storage, and omnichannel enterprise software for businesses globally. In FY23, the company achieved a revenue of INR 2,033 crore, reflecting a remarkable 56% increase from the previous year. With ambitious plans in place, Infibeam aims to elevate its revenue to INR 3,500 crore during the current fiscal year, up from INR 2,033 crore in FY23, while also targeting a profit of INR 150 crore, an improvement from the INR 136 crore recorded the previous year, as stated by Infibeam’s Chairman and Managing Director, Vishal Mehta in an interview with PTI.
Infibeam commenced the current fiscal year on a high note by reporting its highest-ever quarterly revenue of INR 742 crore in the April-June period, marking a substantial 77% year-on-year increase. In the same quarter, the company achieved a net income of INR 32 crore, a notable 40% jump from the previous year. The primary driver of this impressive topline growth was the outstanding performance of its flagship payment brand, CCAvenue, which witnessed a remarkable 93% increase in income during the first quarter.
The optimism regarding record revenue growth can be attributed to the continuous influx of merchants onto Infibeam’s platform, primarily through its key products, CCAvenue and the payment app Tap-pay. As of the end of June 2023, the number of merchants on CCAvenue exceeded 10 million, with over 9,000 new merchants joining daily. Meanwhile, Tap-pay is expected to onboard 1 million customers by the end of the fiscal year, having already registered 2.5 lakh customers in the first quarter. Achieving the milestone of 10 million merchants in the first quarter has outpaced the initial target set for March 2024, as stated by Mehta.
Infibeam Avenues is also venturing into the field of artificial intelligence (AI) to address the growing demand for AI-enabled fraud detection. To achieve this, the company plans to launch an AI hub in the Gift City IFSC. Mehta revealed that the company will recruit approximately 300 professionals for the AI hub, with plans for it to become operational in the first quarter of the next fiscal year. The primary goal of this hub is to develop AI-powered security solutions for fraud detection, authentication, and risk identification, serving both domestic and global financial markets.
Mehta further disclosed that Infibeam is actively pursuing global expansion, with operations already underway in the United Arab Emirates, Saudi Arabia, and Oman. The company is also poised to expand its footprint into the United States and Australia. Once these international operations gain momentum, Mehta expects overseas business to contribute a significant portion, potentially a quarter, of the company’s revenue in the coming years, up from its current 8%.
In conclusion, Infibeam Avenues is on a trajectory of robust growth in the current fiscal year, driven by its aggressive expansion in clientele, particularly through its flagship payment brand, CCAvenue, and the Tap-pay app. The company’s foray into the AI space and its global expansion plans further underscore its commitment to innovation and expansion. As the company continues to break new ground, it aims to establish a stronger presence both in India and on the global stage, solidifying its position as a key player in the digital payment services industry.
