Infibeam board approves investment in RemitGuru – Remit Online

Infibeam board approves investment in RemitGuru

Ahmedabad, May 11: E-commerce player Infibeam Incorporation Ltd on Thursday announced signing of an agreement for investment in RemitGuru – Avenues Payments India Pvt Ltd as an anchor investor.

The company’s board of directors approved the company’s plans to invest in preference shares along with Avenues (India) Pvt Ltd also known as CC Avenue in RemitGuru, a global digital remittance solutions platform.

“As a part of this investment transaction, Infibeam and CC Avenue will invest Rs. 3 crore in RemitGuru wherein Infibeam will invest Rs. 2 crore,” Infibeam informed in a statement adding that the deal would be a cash deal transaction helping Infibeam to increase cross-border e-commerce business transactions with cash-free modes through fin-tech solutions.

CC Avenue already holds 26.76 per cent stake in RemiGuru. “This partial acquisition would not fall within related party transactions and no governmental or regulatory approvals are required for the same,” it said.

RemitGuru platform has customers from over 25 countries remitting money to India using eight different currencies. “RemitGuru also offers its platform to banks across the world to enable them to launch their own cross border transaction services.”

Infibeam shares gained 1.5 per cent on the National Stock Exchange to trade at Rs. 1,019 on Thursday.