Infibeam records 15% growth in product business; 43% in services in Q1

AHMEDABAD: Infibeam Incorporation Limited has reported growth in product revenue by 15 per cent and service revenue by 43 per cent compared to corresponding Q1FY’ 15-16. This is the first Quarter Result reported by the company post listing which was on April 04, 2016.

The total number of registered merchants on platform stood at 57482 by June 30 against 53633 on March 31, 2016. Services revenue stood at Rs. 322 mn compared to Rs. 225mn in Q1 FY’16, while product revenue stood at Rs. 709 mn compared to Rs. 617 in Q1 FY’16, it said.

The company said in the first quarter it entered into an agreement with AMUL-owner The Gujarat Cooperative Milk Marketing Federation for developing online and mobile framework to enable Amul products "direct to home". During the quarter, the Saudi Telecom Company selected Infibeam technology platform Buildabazaar to build its next generation mobile experience "JAWWY" (www.jawwy.sa), it said.