LTS Investment Fund offloads Infibeam shares for $8 Mn

Mauritius-based LTS Investment Fund, an investor in Infibeam, has sold over 363,000 shares in the e-commerce marketplace for $8 million.

According to announcement made on stock exchange NSE, LTS Investment Fund has offloaded 363,600 shares, amounting to 0.66 per cent stake, in the Ahmedabad-based company. The selling price of the shares was about Rs 1,412.93/ share.

Recently, Infibeam witnessed many developments. In June, the e-commerce company announced a growth of 396 per cent, clocking a profit of Rs 435 million in FY17.

Last month, Infibeam successfully clinched a government IT contract. It won a bid to run the government’s e-marketplace portal (GeM) from where the Government of India purchases goods and services.

In the same month, distributed e-commerce market platform provider Infibeam opened e-payment gateway services as the company board gave nod for acquisition of one of the early entrants in digital payment CCAvenue. This was an all-stock-deal with 260 shares of Infibeam being given for every 100 shares of CCAvenue.

Besides, the company has got an interested seller - Snapdeal - which is looking to sell out its company to Infibeam. Snapdeal was engaged in talks with the Ahmedabad-based company for a possible merger, according to media reports.

Launched in 2007 by Vishal Mehta, Sachin Dalal and Neeru Sharma, the ecommerce marketplace has two major verticals of business - the ecommerce website Infibeam.com and the services business BuildaBazar(BaB) that provides customisable digital solutions and other value added services to enable merchants to set up online storefronts.

It had more than 66,000 merchants at the end of December 2016.

In October 2015, the Ahmedabad-based company hit initial public offering (IPO) and became the first ecommerce company in the country to be listed with SEBI(Securities and Exchange Board of India).