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Digital payments solutions firm Infibeam Avenues on Thursday (August 25) said that it has acquired a 50% stake in software-as-a-service (SaaS) startup Vishko22 Products and Services for INR 12.5 Lakh.

“Aggregate cost of investment not exceeding INR 12.50 Lakhs, to be invested in the equity shares of the face value of INR 10 each at par,” Infibeam said in a regulatory filing. 

The acquisition will enable Infibeam to develop omnichannel enterprise-focused software products for domestic and international ecommerce marketplaces.

“Vishko22 will target to tap the growing demand for omnichannel enterprise software solutions from B2B ecommerce players in India and globally, focusing on providing customised software solutions that allow unifying and synchronising online and offline businesses,” Infibeam said in a release. 

The payments company will also leverage Vishko to create a seamless and a unified platform for its clients. The prospective products will also be deployed to enable B2B ecommerce platforms to run multiple channels including website, mobile apps and social media.

“It’s a strategic investment to cater to the growing demand for omnichannel software with an existing suite of e-commerce offerings…The company will continue to make more such strategic investments in technology startups in the next 12 months”, Infibeam MD Vishal Mehta said.

Founded in 2021, Vishko22 is the brainchild of Neha Sharma and Shweta Gaur, former cofounders of ecommerce marketplace Yepme. It develops scalable and integrated omnichannel software for ecommerce marketplaces.

Earlier today, Infibeam’s board also approved a proposal to raise INR 161.5 Cr for the expansion of its fintech business and for other purposes. The board approved the issuance of 9.50 Cr fully convertible warrants, on a preferential basis, at an issue price of INR 17 per warrant. 

The latest development comes at a time when the payments solutions company is on a major expansion drive. In June, Infibeam spun off an Australian subsidiary and marked its foray into the country. In March, it also acquired Bengaluru-based fintech startup Uvik Technologies for INR 75 Cr in a cash and stock deal.

Founded in 2007 by Sachin Dalal, Vishal Mehta and Neeru Sharma, the Gandhinagar-based startup provides end-to-end ecommerce payments solutions to enterprises and retailers. 

The startup processed transactions worth INR 2.8 Lakh Cr in FY22, catering to more than 5 Mn clients across the globe. It largely competes with startups such as Billdesk, PayU and Razorpay in the payments gateway space. 

According to a report, the global retail omnichannel commerce platform market is projected to be worth $8 Bn by the end of 2022 and soar to $14.6 Bn by 2026, growing at a compounded annual growth rate (CAGR) of 16.4% between 2022-26.