Infibeam gets RBI approval to roll out B2B payment service

Infibeam has been granted an in-principle license by apex banking body RBI for B2B payments of utility and service bills across the country. The Ahmedabad-based company will leverage its payment platform CCAvenue for it.

CCAvenue will also onboard Bharat Bill Payments Systems (BBPS) facility for utility and services bill payments.

“With both payment gateways – CC Avenue and BBPS— in the kitty, Infibeam wallet would be in a position to make all utility bill payment as well as private bill payments,” a source said to ET.

The company has already begun enrolling agents for its new payment unit and will launch a new B2B app shortly.

Currently, utility and services bills generated in India is nearly 3,000 crore every year which the company will be eyeing. The license will help Infibeam to provide an end to end e-commerce platform integrated with payment gateways, supply chain logistics, data analytics, social media marketing and advertising platforms.

In July this year, Infibeam got selected as a B2G service provider by the Government of India to run the Government e-Marketplace (GeM). It will procure needs of central and the state governments, including goods and services worth about $100 billion. Recently, Infibeam also signed an agreement with Adani Wilmar to develop an online e-commerce platform for its products.

Earlier this week, Infibeam announced its quarterly earning result. It posted a net profit of Rs 21.6 crore for the September quarter (Q2FY18), growing 9.64% from Rs 19.7 crore in the preceding quarter. On a year-on-year basis, net profit increased 177% from 7.8 crore.

Profitability was essentially driven by company’s web services segment (IWS) that includes BuildaBazaar. It allows merchants to set-up and manages online store on a cloud platform.