Fintech Company Infibeam Avenues Invests In Software Startup Vishko22

On Thursday, August 25, digital payments solutions provider Infibeam Avenues announced that it has paid INR 12.5 lakh for a 50% interest in SaaS startup Vishko22 Products and Services.

In a regulatory filing, Infibeam stated, "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." With the acquisition, Infibeam will be able to create software products with an enterprise omnichannel focus for both domestic and international ecommerce markets.

According to a press release from Infibeam, Vishko22 will focus on offering specialised software solutions that enable combining and synchronising online and offline businesses in order to meet the growing demand for omnichannel enterprise software solutions from B2B ecommerce players in India and around the world.

The payments company will use Vishko to provide a uniform and seamless platform for its customers. Additionally, the potential goods will be used to enable B2B e-commerce platforms to operate multiple channels, such as websites, mobile apps, and social media.

"With an already-existing suite of e-commerce services, it's a prudent investment to meet the growing need for omnichannel software... In the upcoming 12 months, the business will continue to make further strategic investments in technology startups,� according to Vishal Mehta, Infibeam's managing director.

Former cofounders of the e-commerce platform Yepme, Neha Sharma and Shweta Gaur are the minds behind the 2021 startup Vishko22. For e-commerce platforms, it develops scalable, integrated omnichannel software.

The board of Infibeam earlier today also agreed to a proposal to raise INR 161.5 Cr for the development of the company's fintech division and other uses. At an issue price of INR 17 per warrant, the board approved the issuance of 9.50 Cr fully convertible warrants on a preferential basis.

The most recent development occurs as the provider of payment solutions is actively expanding. Infibeam entered Australia in June after spinning out a local subsidiary. It also bought Bengaluru-based Uvik Technologies, a fintech startup, in March for INR 75 Cr in cash and equity.

The Gandhinagar-based startup, founded in 2007 by Sachin Dalal, Vishal Mehta, and Neeru Sharma, offers businesses and retailers end-to-end internet payment solutions. In FY22, the firm handled transactions over INR 2.8 Lakh Cr for more than 5 Mn customers around the world. In the payments gateway market, it primarily competes with firms like Billdesk, PayU, and Razorpay.