Infibeam Opens Gate for Merger of CC Avenue
Ahmedabad: Infibeam, India’s first listed ecommerce startup, plans to merge CC Avenue with it in a deal that is expected to value the online payment gateway at about .₹ 2,000 crore.
Infibeam, which already owns a 3.85% stake in CC Avenue through subsidiary NSI Infinium Global, has agreed to acquire another 7.5% stake in it by investing .₹ 150 crore, it said in a stock exchange filing on Monday. The companies entered also into a memorandum of understanding on the merger.
“CC Avenue subject to regulatory approval by way of amalgamation will merge with Infibeam at the indicative valuation of .₹ 2,000 crore,” said CC Avenue chief executive Vishwas Patel.
Unlisted CC Avenue is one of the largest payment aggregator companies in India, providing a