Infibeam invests in payment firm

AHMEDABAD: Infibeam Avenues, India’s first listed ecommerce firm, has made a strategic investment in Mumbai-based Instant Global Paytech to build a payment technology platform to facilitate offline transactions by merchants and retailers in small cities and towns.

Infibeam didn’t disclose the amount it invested, but in a news release said Instant Global would use part of the funds to acquire customers and merchants.

The rest of the money will be invested in technology and to strengthen the team, it said. Instant Global’s technology enables merchants and retailers to offer digital solutions to largely cash transacting customers. Infibeam Avenues offers multi-channel payment processing services via the CCAvenue brand.