According to India Brand Equity Foundation (IBEF), the Indian e-commerce market is projected to grow 51% annually from $39 billion in 2017 to $120 billion by 2020 driven by a young demographic profile and rising internet penetration. Infibeam Avenues is a listed Indian company that provides e-commerce and payment solutions to businesses and government agencies.

Infibeam’s Journey

Infibeam was founded in 2007 by MIT Sloan alumnus and former Amazon executive Vishal Mehta. Infibeam.com started off as an automobile portal but pivoted to focus on online retail of books, electronics and lifestyle products.

In June 2011, Infibeam launched a SaaS platform called BuildaBazaar for merchants across industries of all sizes and even government enterprises. It allows them to set up and manage online stores. It has over 94,000 merchants on its platform.

In 2017, Infibeam merged with India’s largest payment gateway CCAvenue in a deal that valued the payment gateway at $289 million. In May 2018, Infibeam Avenues acquired UAE-based payment gateway Vavian International for $1.17 million and Unicommerce e-Solution, a warehouse management solution company of Snapdeal.

Today, Infibeam Avenues primarily offers SaaS-based web services via two main offerings: E-Commerce Solutions and Payment Solutions. Over 400,000 merchants use its Web Services including reputed brands such as Amul, Adani Wilmar, Saudi Telecom, Spykar, Panasonic, Blackberry, EsselWorld, Idea Cellular, Taj Hotels, Oberoi Hotels, ITC Hotels, Hilton, MakeMyTrip, ClearTrip, Shopclues, Myntra, McDonalds, Starbucks, Airtel, DishTV, Go Daddy, BookMyShow, Vistara, Indigo, Vivo, and GAIL gas.

Infibeam Avenues also operates a multi-channel online marketplace. It has six warehouses and eight logistics centers for e-commerce product fulfillment.

Infibeam Avenues has over 1,000 employees in Gandhinagar, Mumbai, Delhi, Bangalore, and Dubai, UAE. It went public in 2016 on the National Stock Exchange under the symbol INFIBEAM at a valuation of $363 million.