Reliance to buy Infibeam Avenues, a company with a valuation of 6,790 crores, deal with Jio possible; Shares jumped more than 10%
Reliance Industries May Buy Majority Stake In Ahmedabad Based Fintech Company Infibeam Avenues
TPN24 Desk 
Reliance Industries has shown interest in buying a majority stake in Ahmedabad-based financial technology company Infibeam Avenues. According to market sources, the two companies have already signed an agreement to set up a retail payment system and now Reliance is preparing to buy a majority stake in Infibeam Avenues through its subsidiary Jio Platforms. However, Infibeam Avenues has denied the deal. The current valuation of Infibeam Avenues is over Rs 6,790 crore.
Infibeam does not want to say anything about this at the moment
, in a conversation with Dainik Bhaskar, Vishal Mehta, Managing Director of Infibeam Avenues, terming this deal as a rumor, said that it is just a discussion going on in the market. He further said that yes it is true that we are working on many projects with Reliance. We are a public listed company, so cannot comment much on this.
More than 3 million merchants are associated with
Infibeam Talking about Infibeam Avenues, Infibeam as a financial technology company currently has more than 3 million merchants associated with it. In the financial year 2020-21, there was a transaction of about Rs 1.40 lakh crore through the payment gateway of the company. The company's gross revenue this year was around Rs 676 crore.
Jio-Infibeam has partnered to build a payment network
Sometime back Reliance Platforms and Infibeam have applied for a license for a New Umbrella Entity (NUE) from the Reserve Bank of India to set up the Avenues Payment Network. Google, Facebook, Reliance Jio and Infibeam join hands to capitalize and grow the growing digital payments space in India.
Enjoy fast stock Infibim
shares Infibim Avenues after the news is getting an increasingly popular view. The stock closed with a gain of more than 10% on the Bombay Stock Exchange ie BSE. Its shares closed at Rs 41.75 on October 1, which has reached Rs 51 today. While the market cap of the company has reached Rs 6,790 crore.
Infibeam Avenues Shares Movement
Reliance Now in the mood to buy companies
Recently on October 10, Reliance New Energy Solar Limited, a wholly-owned company of Reliance Industries Limited, had acquired Norway's REC Group for Rs 5,792 crore. Similarly, Shapoorji Pallonji & Company Private Limited (SPCPL), Khurshed Daruwala, and Sterling & Wilson Solar Limited (SWSL) have bought a 40% stake for about Rs 2,845 crore. Let us tell you, both these deals were done on the same day. According to experts, Reliance Group is in the mood to take a stake in other companies in the coming days.
