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Infibeam Incorporation Ltd has entered into an agreement to merge CCAvenue with itself in a against the sum of INR2,000 crore ($298 million). The e-commerce company, which preowns 3.85% in Avenues India Pvt. Ltd-run CCAvenue through subsidiary NSI Infinium Global, will acquire another 7.5% stake in it by investing Rs 150 crore ($22.4 million) as per the stock exchange filings show.
CCAvenue is one of the largest payment aggregators in India which provides a platform to over one lakh merchants to collect payments online. It also has tie-ups with close to 50 banks. Infibeam Incorporation comprises of Infibeam and e-commerce enabler BuildaBazaar. Infibeam already has a joint venture with Avenues India that runs the online marketplace Dhamaal.com. In Dhamaal.com merchants get an opportunity to promote and sell their products directly to its users.
Infibeam is called as a Silent Ecommerce player as during the early days when others were raising private capital, it restricted itself. Also they did not get too aggressive in customer acquisition to drive the B2C business and has been especially pushing the B2B e-commerce enabler platform BuildaBazaar.
Vishwas Patel, founder and CEO, Avenues India, told Techcircle that “it will be business as usual” for the payment gateway company after the merger. “Just that the two companies will become one entity, and offer end-to-end solutions,” Patel said.