Avenues World FZ-LLC, also known as CCAvenue.ae, a UAE-based step-down, wholly-owned subsidiary of Infibeam Avenues Limited, is raising $25 million through a pre-IPO round before a potential listing in the UAE capital markets.
This move will result in CCAvenue.ae no longer being a wholly-owned subsidiary. Vavian International Limited, which was acquired by Infibeam in 2018, will maintain a 75% stake or more in CCAvenue.ae, Infibeam said in an exchange filing.
“The above would not fall within the related party transaction. The Promoters/ Promoter group/ group companies do not have any interest. Further, Avenues World FZ LLC is not a material subsidiary as per the provisions of the Companies Act, 2013 and SEBI Listing Regulations,” the company clarified in the filing.
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Last month, the Gujarat-based fintech picked up a 20% stake in US-based XDuce, an enterprise application and AI development firm, for $10 million. The pickup was aimed at boosting the contribution of the company’s international business to the total revenue within the next two years. XDuce will support the US growth of Infibeam’s payment gateway brand, CCAvenue.
“Last year, international business contributed less than 10% to Infibeam Avenues Ltd’s total revenue, and we plan to grow international business to 30% of total revenue in the next couple of years,” Vishwas Patel, Joint Managing Director, Infibeam Avenues Ltd, had said in a statement.
Infibeam Avenues has posted gross revenue of Rs 912 crore for the third quarter of the current financial year—a 2.2X year-over-year growth from Rs 414 crore recorded in Q3 FY23. It was the company’s highest-ever quarterly consolidated gross revenue, it said in a press release.
An AI-powered global fintech company, the company provides payment solutions to businesses and merchants, including payment gateways, payment cards with lending operations for corporates, digital banking suites, money transfer solutions, and correspondence banking services. It is headquartered at Gujarat International Finance Tech-City (GIFT City).
Edited by Kanishk Singh
