Revenue Drops for Infibeam Avenues in FY20

Infibeam, a web service offering digital payment and transactions have witnessed a fall in their profit in FY20. The company has recently disinvested from its e-commerce ventures and sold their Infinium to Ingenious E-commerce in January 2019.

They have bagged a government E-commerce project in 2017 and are now working full-fledged towards payments and transactions. They have processed 90,000 worth transactions in 2019. But recently, the company has seen a fall in their revenues in the last two quarters. The income fell from 1,159 crores to 648.1 crores in 2020.

The brand has four partners –  Digital Entertainment Private Limited, Avenues Payments India Private Limited, Infibeam Global EMEA FZ-LLC Associate and Instant Global Paytech Private Limited. There seems to be a significant increase of 26% in the bill payments in FY20. A 91% growth is seen with a payment value of 62,200 Crores.

The company said, “In the following month of April there was a subsequent dip of 20%, however, in May 2020, the average daily payments processing value (Value) grew 32% with 14% growth in volume, compared to April 2020, as there were partial relaxations in May 2020.”

Their gateway processing cost remained stable throughout the pandemic at 396.4 crore. The employees benefit fund reduced to 62.3 crore in FY20. But the company believes that they will resurface back as the whole nation is depending upon digital platforms for payments and money transactions.