Infibeam’s net profit for the third quarter increased by 89 per cent to Rs 24 crore
- ByStartupStory | February 7, 2022
Infibeam Avenues Ltd (IAL) issued a bonus share issuance for shareholder Rs on Monday, announcing an 89 per cent increase in profits of Rs 24 crore for the December 2021 quarter. The business also has announced the purchase of UVIK Technologies, which made revenue of rs 13 crore the previous year.
IAL claimed in a quarterly report that its total income increased by 74% to Rs 397 crore in October-December 2021, up from Rs 228 crore the previous year.
IAL Managing Director Vishal Mehta said, To achieve the company’s longer-term goal of rapid expansion, the firm will continue investing in technologies and its talent pool. Also added, overall TPV (transactions processed value) increased by 90% year over year to USD 10.2 billion, putting it on track to meet its target of USD 100 billion.
Hiren Padhya, IAL’s Chief Financial Officer, stated the business achieved an annualized TPV run-rate of USD 41 billion, far ahead of its projection of USD 40 billion for December 2021, and is on track to meet its USD 100 billion targets.
UVIK Technologies is involved in the business of mobile point of sale (mPOS), near-field communication (NFC), and contactless card technology in the domain of electronic payments and non-cash transactions, according to IAL. They specialize in contactless softPOS technology which operates on low-end Android mobile handsets and requires no hardware. It stated that the transaction includes a cash payment of Rs 12 crore, a preferential issue of approximately 61.1 lakh equity shares (up to Rs 27.5 crore), as well as the remainder via a reward incentive scheme, as mutually agreed.
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