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Listed fintech company Infibeam Avenues has appointed Narayanan Sadanandan, former MD and CEO of SBI Pension Funds, as an independent director.

Sadanandan brings over four decades of experience and will be joining Infibeam’s board of directors to bolster the company’s governance framework.

As the Pension Fund Manager, Sadanandan grew the fund’s assets under management from Rs 1.20 lakh crore to Rs 2.22 lakh crore in two years, making it the largest under the NPS with a 40% market share, according to his LinkedIn profile.

His five-year term, approved by the board of directors on Tuesday, is pending shareholder approval.

“I am thrilled to serve on the board of Infibeam Avenues, a strong company that is reimagining financial services with cutting-edge AI technology to create a more inclusive economy,” said Sadanandan, adding, “The company’s flagship brand CCAvenue is positioned at the forefront of the shift to digital payments and I am inspired by the opportunity to work with Vishal and the team to deliver that vision.”

Infibeam Avenues is an Indian fintech company offering digital payment solutions through CCAvenue, payment issuing services, and a spend management platform for corporate payments and accounting.

The company recorded a 12.2% rise in net profits for the financial year ended March 31, 2024, to Rs 209.5 crore on a consolidated basis.

The Ahmedabad-based fintech company earned Rs 3,171 crore in revenue from operations—a 61.6% improvement from FY23, which matched the jump in expenses from Rs 1,846 crore in FY23 to Rs 2,989.5 crore in FY24.