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Gujarat-based payments infrastructure firm Infibeam Avenues reported a net profit of Rs 40.5 crore in the second quarter of FY24, a slight rise from Rs 39.8 crore in the same period last year.

This was, however, 57% higher on a quarterly basis. The fintech had clocked Rs 25.4 crore profit in the previous quarter. 

The company reported a consolidated operational revenue of Rs 789 crore, a 65% jump from Rs 476 crore last year. 

The expenses saw a similar trajectory and were up 63% from Rs 452 crore to Rs 737 crore in Q2 FY24 on the back of high operation costs, which rose almost 3X since last fiscal. 

“In Q2, we witnessed an unprecedented onboarding of merchants, primarily small businesses. This influx has resulted in higher take rate,” said Vishwas Patel, Joint MD at Infibeam. 

The company also saw a rise in downloads of CCAvenue TapPay, an NFC-enabled mobile device that also operates as a PoS machine, now over four lakhs. 

The total payment value (TPV) rose 28% to Rs 1.18 lakh crore from Rs 76,000 crore in the said quarter. Infibeam claimed to have added a total of six lakh merchants in H1 FY24, of which 2.7 lakh merchants were added in Q2 alone—an average addition of 2,900 merchants daily in the domestic payment aggregation business, CCAvenue.

The company also announced acquiring a partially constructed building from Aavas Trust in Gujarat, which would be an extension of its planned GIFT City AI Hub.