India’s listed AI-powered tech and fintech company, Infibeam Avenues released its financial results for the first quarter ending June 30, 2024. Infibeam Avenues reported gross revenue of Rs 7,528 million, accompanied by a Profit After Tax (PAT) of Rs 504 million in the first quarter of FY25.
The Q1 FY25 net revenue witnessed an increase of 20 per cent despite GeM-related platform revenue not being recorded during the quarter primarily due to an increase in payment take rate which increased to 11.2 bps (from 8.4 bps same quarter last year) in the quarter, and PAT saw a growth of 59 per cent compared to the corresponding quarter of the previous financial year. The EBITDA also exhibited noteworthy growth of 25 per cent Year-over-Year (YoY) to INR 698 million.
The continuous expansion of the merchant base has bolstered the company’s performance, culminating in a total of 10 million plus merchant accounts by the end of the fiscal year FY23-24. In Q1 FY25, there has been a substantial addition in merchants registering at a daily average of 2,550 plus merchant accounts to the company’s total merchant base.
Infibeam further tried to strengthen its international play for its payment business, as it realigned its international businesses and received regulatory approval from Kingdom of Saudi Arabia (KSA) and launched mobile-based QR Code payment solutions in the United Arab Emirate (UAE) market.
Vishal Mehta, Chairman and Managing Director, Infibeam Avenues commented on the results said, "We have a good beginning for the financial year FY25 as we have registered good growth in the first quarter. We continue to scale high with our payments and platform business vertical. Our new business vertical in AI will play a crucial role in recalibrating the growth trajectory of the company and expect to deliver value to all stakeholders.”
On Friday itself, the Board of Directors of the company approved the investment to acquire a majority stake (54 per cent) in Rediff.com. It will be funded with internal accrual and post-investment, Rediff.com will become a subsidiary of Infibeam Avenues.
