Infibeam

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Infibeam Avenues Limited
Infibeam logo
Type of businessPublic
Type of site
E-commerce
Traded asNSEINFIBEAM
BSE539807
Founded2007 (2007)
HeadquartersAhmedabad, India
Coordinates23°01′24″N 72°32′19″E / 23.023285°N 72.538527°E / 23.023285; 72.538527
Area servedIndia, Middle East
Founder(s)vishal Mehta
IndustryInternet
ServicesOnline shopping
Revenue300 crores/3 billion[1]
Employees1300 (in 2015)
Websitewww.infibeam.com
Alexa rank5,707 (July 2016)[2]

Infibeam Avenues Limited is an Indian internet and e-commerce conglomerate involved in digital payments, online retailing, e-commerce software and internet services. The company is headquartered in Ahmedabad, India.

Infibeam is an online retailer for books, electronics, and automobiles in India, and is listed on the BSE and the National Stock Exchange of India. Started in 2007, the company has offices in Ahmedabad, Delhi, Mumbai and Bengaluru, and has a total of 1300 employees.[3][4] Infibeam launched an e-book reader, Infibeam Pi, its successor Pi2, and a media device, Infibeam Phi. Infibeam became India's first E-commerce company to file an IPO, in July 2015.[5][6][7]

History[edit]

Infibeam was founded in 2007 by Vishal Mehta, a Cornell and MIT Sloan alumnus. After working for Dell and Amazon.com in the US for five years, Mehta returned to India in 2007 and started Infibeam along with a group of Flipkart employees.[8][9] He funded the company by selling his personal assets rather than opting for external equity funding.[10] The company was started with an initial capital of 100-150 million.[11] Infibeam.com started as an automobile portal in 2007, but later turned into an online retailer.[12] In 2010, Infibeam launched 'Pi', India's first e-book reader.[13][14]

Acquisitions[edit]

In 2008, Infibeam acquired Picsquare.com, a personalised photo printing website. In 2014, it acquired Odigma, a digital marketing company, for US$5 million.[15] In 2017, it signed a Memorandum of Understanding (MOU) to acquire DRC Systems, a provider of enterprise ERP solutions and customized software for e-commerce applications.[16]

In 2017, Infibeam has merged with CCAVenue, India's largest payment gateway by transactions, in a deal that valued the payment gateway at $289 million.[17] Also, in 2018 Infibeam acquired Snapdeal's wholly owned subsidiary Unicommerce - a Cloud-Based E-Commerce Order Management Software[18] for ₹ 120 Crore.[19]

Lately, in May 2018 Infibeam Inc. has acquired 100% shareholding of Vavian International Ltd.[20] The deal was valued $1.17 million[21], this made Vavian International a direct subsidiary of Infibeam Global EMEA FZ-LLC, a subsidiary of Infibeam Incorporation Ltd.[22]

Businesses[edit]

Infibeam's businesses include online retailing through its flagship website 'infibeam.com', e-commerce platform software service through 'buildabazaar.com', e-commerce marketplace 'dhamaal.com' and its own branded e-book reader. The strategy of Infibeam was described by Forbes as "that seems to defy most standard models".[23] The turnover of the company was reported to be 10 billion as of November 2013.[1]

Digital Payments[edit]

CCAvenue is one of the largest digital payment platform with operations in India. The payment gateway caters to more than 100,000 merchants across industry verticals including online retail, education, hospitality, travel, and event management, amongst others.

Online retailing[edit]

Infibeam.com, the online retail website of the company, sells books, electronics and lifestyle products.[24] The website has a selection of 12 million products across books, electronics, lifestyle, gifts and media.[9] In 2011, the company established Infibeam Logistics, its own logistics arm in major Indian cities.[25] In September 2010, infibeam was among Economic Times's Top 5 Digital Brands in the e-commerce category.[26] Infibeam's acquisition of customer base at very low cost has been recorded as a B-school case study by Ivey Publishing.[27] Infibeam is the only authorised online seller of iPhones in India.[28][29] Infibeam maintains its bestsellers list for books sold on the site. Picsquare.com, owned by Infibeam, is a digital photo printing and personalised gifts website.[30]

E-commerce platform[edit]

Buildabazaar is a Saas platform built by Infibeam with operations in India and MiddleEast. The company initially extended its e-commerce platform to build online stores for HiDesign, TTK Prestige[31] and Crossword Bookstores[32] and NDTV Shopping[33][34] In 2011, the e-commerce platform was opened to everyone through Buildabazaar, which allows users to create their own web store.[35] Buildabazaar was awarded ‘The Game Changing Idea of The Year’ Award by The Economic Times at ET RETAIL AWARD 2014.[36] The platform was launched in the Middle East region in 2014. It has 30,000 stores as of March 2015.[37]

ThemeJungle[edit]

The theme store- ThemeJungle[38] is subsidiary of BuildaBazaar. It is conglomeration of different themes brought under one roof by Infibeam. The website was launched in January 2018 majorly to support BuildaBazaar stores. It is a marketplace of various themes designed by professional designers. Till May 2018, ThemeJungle has uploaded over 100+ free premium themes.

Music streaming platform[edit]

Infibeam Digital Entertainment (INDENT), a subsidiary of Infibeam established in 2012, builds Music Streaming and Download Platform solutions for Music Labels, Brands and OEMs.[39] In 2013, the company built Sony Music's Jive HD streaming and downloading app embedded in Sony's Xperia smartphones.[40]

Digital marketing services[edit]

The company offers Digital Marketing Services through its subsidiary ODIGMA, which it acquired in 2014.[41] ODIGMA employs 70 people and serves digital marketing campaigns for around 400 brands.[42]

Generic top level domain name registry[edit]

Infibeam owns the license of the generic top level domain (GTLD) '.ooo' granted by Internet Corporation for Assigned Names and Numbers (ICANN). It launched the '.ooo' domain for trademark holders on 22 September 2014.[43][44]

Logistics aggregation platform[edit]

ShipDroid, a logistics aggregation platform was launched in January 2015, to provide uniformity of logistics services to small merchants across all courier partners. The platform covers 20,000 pincodes across 600 cities. The platform allows merchants to choose mode of delivery such as surface, rail or air mode and also can opt for delivery commitment SLAs such as express delivery or regular delivery.[45][46][47]

Payments[edit]

Infibeam invested $8.9 million in payment gateway CCAvenue in 2016. In Feb 2017, it announced further investment and likely merger with CCAvenue. In May 2018, Infibeam Inc invested $1.17 million acquiring the 100% stake in Vavian International Ltd, a UAE-based payment gateway. Vivian claims to process of about 2,500 transactions with a transaction value of AED 2 million. [48]

Marketplace[edit]

In August 2013, Infibeam launched the e-commerce marketplace Dhamaal.com in association with CCAvenue. Dhamaal has a selection of 15 million products. The website is built on Buildabazaar platform, and is also extended as a co-branded marketplace with 50 Indian banks.[49]

E-book reader[edit]

Infibeam Pi[edit]

In February 2010, Infibeam launched Pi, an e-book reader that uses E-Ink electronic paper technology.[8] Pi has a six-inch screen with eight level grayscale non-backlit display.[50][51] The device has the capability to play music files, read Word documents and also supports 13 Indian languages.[8][52] It has an internal memory of 512 MB, that can store 300 books and supports external memory up to 4 GB.[53] The device, which is less than 10 millimetres (0.39 inches), weighs 180 grams (6.3 ounces).[54]

Pi2[edit]

In 2011, Infibeam launched the second version of its e-book reader and named it Pi2.[55] Pi2 is a touchscreen device and has wireless connectivity. It has 2 GB of internal memory and expandable up to 32 GB through external SD card slot. The battery power is claimed to last up to 8,000 page reads.[55] The company has over 500 thousand e-books on its web store which can be directly accessed from the ebook reader through Wi-Fi to purchase e-books.[56] Infibeam followed up the Pi2 with an Android tablet called Phi.[57]

Financials and Fall in share price (2018)[edit]

Though the company had posted healthy profits after taxes in the previous two financial years, the company posted a net profit after tax of less than 1.2 crores in FS 2016-17.[58] However this did not prevent its share price from continuing to soar up in 2017 and 2018 as stock analysts continued to forecast high share prices. Finally, on 29 September 2018, the company's share price crashed by 70%, from Rs. 212 in the previous week to Rs. 53.8, after a whatsapp message circulated sparking rumours of the company's poor financial health.[59] The smallcap IT stock has seen massive selloff in the last few weeks, declining from its 52-week high of Rs 242.80 hit on September 18 to a 52-week low of Rs 39.1 on October 1. [60]

Recognition[edit]

In Feb 2018 Infibeam was distinguished by The Financial Times and Statista as part of FT1000 High Growth Companies Asia -Pacific 2018. Infibeam ranked 418 among FT 1000 High Growth Companies in Asia-Pacific Region.[61]

Infibeam was conferred with Consumer Durable & E-Retail of the Year Award at E-Retail Award 2018[62] by Franchise India held on 16 - 17th April, 2018 in JW Marriott Hotel, New Delhi.[63] At the same award function Infibeam's subsidiary CC Avenue was conferred with "Best Innovation in E-Commerce Payment". [64]

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External links[edit]