Financial technology company Infibeam Avenues on Monday said it would further invest in its subsidiary company, Instant Global Paytech or GoPay. With this, the company will acquire an additional 2.42 per cent stake in GoPay for a cash consideration of Rs 16.25 crore.
The company said the acquisition is to grow the existing assisted commerce business of Go Payments as well as get into the offline merchant acquiring business by promoting the physical distribution of the CC Avenue Merchant App, point-of-sale devices and tap pay products.
The company also said the acquisition of this stake would be completed in 30 days. According to the statement, the invested company had a turnover of Rs 69.13 crore in fiscal 2021-22, Rs 46.18 crore in fiscal 2020-21 and Rs 24.80 crore in fiscal 2019-20.
On Monday, the firm declared its earnings. The company's net profit of Infibeam Avenues rose 43.13 per cent to Rs 35.81 crore in the quarter that ended December 2022 as against Rs 25.02 crore during the previous quarter ended December 2021. Sales rose 4.45 per cent to Rs 414.70 crore in the reviewed quarter, against Rs 397.03 crore during the previous quarter ended December 2021.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor