Infibeam Avenues Ltd Invests in AI Ecosystem, Acquires Sintex Corporate House for INR 1 Billion

• ByStartupStory     |    November 2, 2023

Infibeam Avenues Ltd, a prominent fintech company in India, has taken a significant step forward in its mission to establish a self-sufficient and symbiotic AI and tech ecosystem. The company’s subsidiary, Infibeam Projects Management Pvt Ltd, has successfully acquired the partially constructed Sintex Corporate House from Aavas Trust, which belongs to the Aditya Birla Group. This strategic acquisition, amounting to approximately INR 1 billion, includes a plot spanning 76,250 square feet and a partially built structure covering 420,000 square feet.

The newly acquired building will serve as an extension of Infibeam Avenues Ltd’s envisioned GIFT city AI Hub. In the first quarter of FY24, the company unveiled its ambitious plans to enter the Artificial Intelligence (AI) enabled fraud detection and prevention market, along with the establishment of India’s first AI Hub at GIFT city.

Infibeam Avenues Ltd is well-positioned to benefit from the recently introduced IT/ITeS Policy 

2022-27 by the Gujarat Government, which includes a remarkable one-time CAPEX support of up to INR 2 billion. The company aims to leverage this opportunity to its fullest potential to drive its growth and success.

Vishal Mehta, the Chairman and Managing Director of Infibeam Avenues Ltd, stated that their focus is on fostering a harmonious AI and tech ecosystem that will support both the company’s expansion in AI and software development and the growth of independent AI and technology enterprises in India. He stated, “We are focusing on cultivating a harmonious AI and tech self-sufficient and symbiotic ecosystem, one that will not only bolster Infibeam’s expansion within the AI and software development sector but also nurture the emergence of independent AI and technology enterprises in India.”

In this ‘Symbiotic’ framework, AI and tech companies will gain dedicated space within the ‘AI & Tech Hub,’ fostering collaboration within the ecosystem. The company will provide comprehensive support to help these businesses thrive independently and contribute to a flourishing AI ecosystem.

Infibeam Avenues Ltd’s goal is to become a key player in the AI-based fraud detection and prevention market, which is expected to grow from approximately US$26 billion in 2021 to US$129 billion by 2029. To support this, the company has established its dedicated AI vertical business unit, FAR (Fraud Detection, Authentication, and Risk Identification), which will develop AI-based products and services tailored for identifying payment and financial frauds across various sectors.

In the second quarter of FY24, the company reported a consolidated net profit, excluding mark-to-market movements from investments in listed securities, increased by 191% YoY to INR 383 million, with revenue surging by 66% to INR 7,899 million.

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Infibeam Avenues Ltd. is a global fintech company offering digital payment solutions and enterprise software platforms to businesses and governments. It operates a core Payment Gateway business, providing over 200 payment options to merchants, as well as hosting India’s largest online marketplace for government procurement. The company processed transactions worth INR 4.5 lac crore (US$ 54 billion) in FY23 and serves over 8 million clients across digital payments and enterprise software platforms, both in India and internationally.

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