Companies

Infibeam gets RBI nod, eyes B2B payment platform, GeM for big bucks

Our Bureau Gandhinagar | Updated on January 09, 2018 Published on November 15, 2017

Leading e-marketer Infibeam Incorporation Ltd, on Wednesday, said it has been granted an in-principle license by the Reserve Bank of India (RBI) for B2B payment of utility and services bills across India through its CCAvenue payments platform.

With increasing digital payments, CCAvenue, which powers 85 per cent of e-commerce merchants and offers over 240 payment options in India, will soon have the Bharat Bill Payments Systems (BBPS) facility for utility and services bill payments from this platform, said Vishal Mehta, Managing Director, Infibeam. The company has already commenced enrolling agents for this purpose and will launch a new B2B app shortly.

“We are in the process of transition from a tech-enabled e-commerce platform to an amplified, comprehensive, one-stop service provider for payments,” he said.

He said the number of utility and services bills generated annually in India is nearly 3,000 crore which the company will be targeting as potential customers. Three or four other companies have also been granted the RBI license for the purpose.

The platform can also process payment transactions in 27 currencies.

The synergy will provide a complete e-commerce platform fully integrated with payment gateways, supply chain logistics, data analytics, social media marketing and advertising platforms, making it a one-stop-shop e-commerce service provider, Mehta said.

Infibeam, along with its Chennai-based consortium partner Intellect, has also been selected as a B2G service provider by the Government of India to run the Government e-Marketplace (GeM) portal, the successor of the Directorate-General of Supply and Goods. The portal will fulfill the all the procurement needs of central and the state governments, including goods and services worth about $100 billion per annum, for which 14 States have already signed up.

Besides, Mehta said, Infibeam has been awarded a contract by Adani Wilmar Ltd to develop an online e-commerce platform for its products. Infibeam will develop, integrate, implement and maintain an online e-commerce and mobile platform with integrated logistics framework for on-demand purchase of Adani Wilmar products. “Fortune Online” will be an exclusive B2C commerce platform enabling customers to buy these products by using this application for delivery at homes.

The value of Infibeam’s successful digital transactions via CCAvenue is expected to double from ₹12,000 crore FY17 to ₹25,000 crore in FY18. in Q2FY18, it was worth ₹4,500 crore, making the company earn ₹122 crore as revenue. Its B2B marketplace, BuildaBazar, currently has over 82,000 merchants.

Published on November 15, 2017
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