Infibeam acquires payments-focused Uvik Tech for Rs 75 crore

Mumbai: Infibeam Avenues, a listed fintech company, has acquired the payments-focused Uvik Technologies for Rs 75 crore in a cash and stock deal. Venture capital fund Season Two Ventures will get an exit through the deal, as per a statement.

Uvik is in the contactless payments space and has developed a technology that converts any smartphone into a payment device.

Bengaluru-based Uvik's co-founder and chief executive Rahul Hirve termed the deal as a strategic step for the company which will drive growth to the next level.


"The focus of offline payments in the next few years is going to be via contactless infrastructure. To achieve this objective, we, at Uvik, have been constantly working towards making payments easy-to-use for merchants with focus on security," Hirve said.

Contactless payments have been rising at a massive rate since the onset of the pandemic, and it decided to develop a technology that can help any merchant accept card payments on their mobile phone, the statement said.

Uvik has a team of over 25 members led by Hirve and co-founder Amartya Singh.