In­fibeam Opens Gate for Merger of CC Av­enue

The Economic Times - - Disruption: Startups & Tech - Vishal.Dutta @times­group.com

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

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.