The fintech company Infibeam Avenues has declared that it has paid Rs 25 crore to acquire a 49% share in Pirimid Fintech. Additionally, the move represents Infibeam’s entry into the markets for digital lending software and capital markets.
Solutions for the capital markets (robo advisory and hedge fund solutions), banking and lending (digital lending and account aggregation), and AI and ML (APIs and Web 3.0) are offered by Gujarat-based Pirimid. Pirimid collaborates with banks such as Bank of Baroda, as well as regional and international firms like Armadillo (UK), LendingKart, and Ariana Investment Management (Singapore).
By using Infibeam’s experience and technological resources, the partnership, according to Infibeam, will assist Pirimid in creating new digital lending solutions that will expedite the lending process. According to Infibeam, Primid’s new solutions will also contribute to more effective credit disbursement, improved customer satisfaction, and enhanced risk management through the use of AI algorithms and advanced data analytics.
Pirimid becomes the latest addition to a group of businesses that Infibeam Avenue or its affiliates have either fully or partially purchased. For almost Rs 1 billion, Sintex Corporate House was purchased by Infibeam’s subsidiary, Infibeam Projects Management, in November from Aavas Trust, an organization owned by the Aditya Birla Group. The Fintech company bought a 50% share in Gurgaon-based software startup Vishko22 Products & Services Pvt Ltd in August of last year.
Additionally, it has purchased businesses from Cardpay Technologies, Uvik Technologies, and Instant Global Paytech.
For the second quarter of FY24, Infibeam Avenues Limited recorded consolidated gross revenue of Rs 789.9 crore and profit after tax of Rs 38.3 crore.
Its scale has increased by 6.3% from the previous quarter, or Q1 FY24.
The company ascribes the increase in platform TPV in addition to an increase in payments. The largest software platform implementation customer of the company saw a growth in TPV of 155% over Rs 1 trillion in a single quarter, even though payments TPV increased 28% YoY to INR 769 billion (Rs 76,900 crore).
Due to a rise in net margins and consequently robust operating performance, the company achieved its first-ever net revenue of over Rs 100 crore. Profit after tax and EBITDA both saw significant growth, increasing by 191% and 70%, respectively.
