Infibeam Avenues Limited
Company typePublic
IndustryInternet, Fintech
Founded2007; 17 years ago (2007)
FounderVishal Mehta
HeadquartersGIFT City, Gandhinagar, India
Area served
India, Middle East, USA & Australia
RevenueIncrease 2,033 crore (US$250 million)[1]
Increase 136 crore (US$17 million) (FY23)[1] (2023)
Number of employees
650 (in 2022)

Infibeam Avenues Limited is an Indian payment infrastructure and software as a service (SaaS) fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.[2][3][4]

Through its flagship brand, CCAvenue, the business is present in the payment infrastructure market, processing more than US$49 billion in online payments.[5] Infibeam Avenues claims to have more than 6.4 million merchants on its platform. It also operates in overseas markets like the United States, Saudi Arabia, the UAE, and Australia.[6]

It is headquartered in GIFT City, Gujarat, India with offices in Delhi, Mumbai and Bengaluru.[7]


Ex-Amazon executive Vishal Mehta, a Cornell University and MIT graduate, decided to return to India in 2007 and founded Infibeam.[7] The company was started with an initial capital of 10-15 crore.[8]

Infibeam Avenues was listed on the BSE and the NSE in 2016.

Infibeam provides its marketplace software platform, BAB, to two of India's four largest eCommerce organisations – GeM and JioMart.[9][10]

On 7 September 2022, Infibeam Avenues launched its omni-channel mobile app CCAvenue TapPay that allows businesses and entrepreneurs to convert any NFC-enabled Android phone into smart PoS terminals.[11]


Payment Processing

Infibeam's flagship brand CCAvenue provides digital payment gateway service. CCAvenue Payment Gateway provides multiple payment options and is available in 18 different languages and collects payments in 27 major foreign currencies. CCAvenue also provides a secure link between websites, institutions, and banks in the transaction.

CCAvenue's 'TokenPay' help merchants to comply with the Reserve Bank of India's data security norms by securing multi-network tokenisation, which works across major card networks, including MasterCard, RuPay, and Visa.[12]

The Reserve Bank of India had granted Infibeam Avenues "in-principle" authorisation to operate as a Payment Aggregator (PA) under the brand CCAvenue, to allow a wide range of online and offline transactions. Payment aggregators allow e-commerce platforms and merchants to accept a variety of payment methods from customers, simplifying the payment process and removing the need for merchants to design their own payment integration system.[13]

The Reserve Bank of India has granted Infibeam Avenues Limited, India's first publicly traded fintech startup, a permanent licence for its bill payments platform, BillAvenue. BillAvenue can use this licence to operate as a Bharat Bill Payment Operating Unit (BBPOU) under the Bharat Bill Payment System (BBPS). BillAvenue functions as both a biller and a customer operating unit as a BBPOU, easing the onboarding of Billers and Agent Institutions to service clients.[14]

Merchants Financing/Lending

Infibeam Avenue Ltd has lending aggregating platform -Trust Avenue. The company did AI-based lending for 3 million merchants through tie-ups with banks and NBFCs.[15]

Enterprise ecommerce software platform

Infibeam Avenues' enterprise ecommerce software platform BuildaBazaar hosts India's largest online marketplace for government procurement. The company also entered into a definitive agreement with Jio Platforms to offer its enterprise software licence and enterprise digital payments platform to Jio Platforms and its associates for their internal businesses.[16][17][18][19]

On November 20, 2017, Infibeam Avenues launched BillAvenue, an inter-operable digital bill payments platform built over the Bharat Bill Payment System (BBPS) infrastructure to enable service providers to accept bill payments from customers nationwide, through both online and offline channels.[20]

Data Centre infrastructure services

The company forayed into the segment of infrastructure or data centre-as-a-service, and built a state-of-the-art Tier-III data centre in GIFT City, Gandhinagar. It received Tier-III design certification from Uptime Institute as it is equipped with fully redundant and dual-powered servers, storage, network links and other IT components.[21] Infibeam Avenues has partnered with IBM India to develop implement and promote blockchain capabilities on the LinuxOne platform, the first of its kind in India.[22][23]

Artificial Intelligence

Infibeam Avenues announced its entry into the AI-enabled fraud detection industry on August 8, 2023, with the goal of developing Artificial Intelligence (AI) solutions for authentication, fraud detection, and risk identification in both domestic and worldwide markets. In the beginning, the company will focus on the digital payments and financial industries, employing AI and machine learning algorithms to detect online transaction fraud in real time. Infibeam Avenues also intends to build India's first AI HUB at Gujarat International Finance Tec-City (GIFT City).[24]

Mergers & Acquisitions

Year Type Company Name Notes Valuation/Stake Cites
2022 Investment Vishko22 Vishko22 is a software startup that develops omnichannel enterprise software products and services for domestic and international ecommerce marketplaces. Acquired 50% stake [25]
2022 Acquisition SoftPOS SoftPOS startup Uvik Technologies Rs 75 crore [26]
2020 Acquisition Cardpay Technologies Ltd. Bengaluru-based Cardpay Technologies provides unified spend management platform to corporates NA [27]
2018 Acquisition Instant Global Paytech Pvt. Ltd (IGPL) Mumbai-based digital payments tech firm Instant Global Paytech Pvt. Ltd (IGPL), which operates Go Payments Acquired 48% stake [28]
2017 Merger CCAvenue Infibeam and Avenues (India) Private Limited entered into a binding agreement to merge and take control of CCAvenue through Equity Stake NA [29]
2017 Acquisition DRC Systems India Pvt Ltd Infibeam Avenues acquired DRC Systems India Pvt Ltd, a company which provides software services for enterprise E-commerce, ERP and related fields MoU [30]
2014 Acquisition Odigma Infibeam acquired Odigma, a digital marketing company $5 million [31]


Year Type Company Name Notes Status Cites
2020 License deal Jio Platforms The company signed a deal to license its e-commerce and payment software with Jio Platforms, Reliance Jio's digital platform venture Active [32]
2020 Agreement JPMorgan Chase Bank Infibeam Avenues entered into a definitive agreement with JPMorgan Chase Bank to use the company's flagship enterprise payment platform CCAvenue for processing transactions for its enterprise clients Active [33]
2020 Partnership Bank Dhofar SAOG Infibeam Avenues partnered with Oman's Bank Dhofar SAOG to provide CCAvenue payment gateway service to process online card transactions of various payment networks for Bank Dhofar SAOG and help the bank authorize online payments for its customers Active [34]
2020 Partnership Bank Muscat Infibeam Avenues collaborated with Bank Muscat, a financial services provider in the Sultanate of Oman Active [35]
2019 Partnership Riyad Bank Infibeam Avenues partnered with Riyad Bank for digital payments services Active [36]
2017 Contract Government e Marketplace Infibeam Avenues along with consortium partners entered a contract for managed service provider from the Government of India to design, develop, implement, operate and maintain the Government e-Marketplace portal (GeM) Active [10]

Awards and recognition


  1. ^ a b Manchanda, Md Salman Ashrafi & Kunal (26 May 2023). "Infibeam Avenues' scale surges over 50% in FY23 and Q4". Entrackr.
  2. ^ Dutta, Vishal (19 August 2019). "Fintech firm Suvidhaa plans e-commerce foray". The Economic Times.
  3. ^ "Migration Message" (PDF).
  4. ^ "Infibeam's BillAvenue adds 1 million agents; targets reaching 5 million agents by 2025". The Economic Times. 6 March 2023.
  5. ^ "Infibeam creates history". Business India.
  6. ^ "Infibeam Avenues Ltd deepens its reach in digital payments". EquityBulls. 4 January 2023.
  7. ^ a b S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 29 April 2013.
  8. ^ Suresh P. Iyengar (6 October 2013). "No competitors here, all are partners". The Hindu Business Line. Retrieved 8 December 2014.
  9. ^ "Infibeam enters into an agreement with Reliance Jio for its enterprise solutions". Moneycontrol. 5 October 2020.
  10. ^ a b Suneja, Kirtika; Agarwal, Surabhi. "Intellect, Infibeam bag contract for government marketplace". The Economic Times.
  11. ^ "Infibeam Avenues launches mobile app with TapPay feature". The Economic Times. 30 June 2022.
  12. ^ Umarji, Vinay (4 November 2021). "Infibeam's CCAvenue starts TokenPay to help merchants comply with RBI norms".
  13. ^ "Infibeam Avenues receives RBI in-principle nod for payment aggregator licence". The Economic Times. 27 October 2022.
  14. ^ "Infibeam Avenues announces perpetual renewal of 'Bharat Bill Payment' license by RBI". 26 December 2022.
  15. ^ "Infibeam Avenues plans AI-based lending for its 3 million merchants through tie-ups with banks, NBFCs". Financialexpress. 10 August 2021.
  16. ^ "TTK Prestige Announces e-Commerce Alliance with". The Economic Times. 21 January 2010. Retrieved 5 May 2013.
  17. ^ S. Prem Kumar. "Infibeam's double-edged strategy". The Smart CEO. Retrieved 4 May 2013.
  18. ^ " & NDTV Enter Into eCommerce Alliance". Archived from the original on 29 September 2011. Retrieved 15 June 2011.
  19. ^ "Hidesign Website Uses's Technology Platform". 19 May 2010. Archived from the original on 6 October 2014. Retrieved 31 January 2016.
  20. ^ "Infibeam subsidiary Avenues India launches BillAvenue - ET Retail".
  21. ^ George, Aaron St. "Infibeam Avenues receives Tier III Design Certification from Uptime Institute for its Data Center -".
  22. ^ "Infibeam Avenues Limited".
  23. ^ "Infibeam Avenues partners with IBM to deploy blockchain solutions in India". Techcircle. 21 December 2018.
  24. ^ Thathoo, Chetan (9 August 2023). "Infibeam To Foray Into Fraud Detection Market With Its AI HUB In GIFT City". Inc42 Media.
  25. ^ "Infibeam Avenues invests in software startup Vishko22". The Economic Times. 25 August 2022.
  26. ^ Vora, Rutam (7 February 2022). "Infibeam to bring technology that converts smartphones into 'payment terminals'".
  27. ^ "Infibeam Avenues acquires Cardpay Technologies". The Economic Times. 8 June 2020.
  28. ^ "Infibeam Avenues invests in Instant Global Paytech".
  29. ^ "Infibeam set to merge payment gateway firm CCAvenue with itself". Techcircle. 14 February 2017.
  30. ^ Dutta, Vishal. "Infibeam acquires cloud ERP solutions provider DRC Systems". The Economic Times.
  31. ^ "Infibeam acquires digital marketing firm ODigMa for $5 mn". Business Standard India. 24 February 2014.
  32. ^ "Infibeam Avenues signs deal to license ecommerce and payment software to Jio Platforms". The Economic Times. 5 October 2020. Retrieved 11 October 2020.
  33. ^ Market, Capital (14 October 2020). "Infibeam Avenues rises on signing agreement with JP Morgan". Business Standard India.
  34. ^ "Infibeam Avenues inks deal with Oman's Bank Dhofar for online payments". The Financial Express. 9 October 2020.
  35. ^ Dave, Sachin. "Infibeam enters Oman e-commerce market, ties up with Bank Muscat". The Economic Times.
  36. ^ Dutta, Vishal. "Riyad Bank: CCAvenue collaborates with Riyad Bank to make inroads into Saudi Arabia's digital payment space". The Economic Times.
  37. ^ "ETBFSI Excellence Awards: 32 winners who made a difference in BFSI sector celebrates with Abhinav Bindra - ET BFSI".