India’s first stock exchange listed e-commerce firm Infibeam Avenues has invested Rs 6 crore in Instant Global Paytech, a Mumbai-based payments solution provider.
Instant Global Paytech, which operates Go Payments, will use the capital to acquire customers and merchants. A significant part of the fund will be deployed to ramp up its technology and to strengthen the team, said the company in a press statement.
Go Payments was founded this year by Vivek Patel and Daykin Creado. It offers payment technology for offline transactions by enabling merchants and retailers to offer digital solutions to cash transacting customers.
Go payments financial service can be used for direct money transfer, bill payments, mobile recharge, travel bookings, and others.
The platform claims to connect thousands of agents like kirana shops, local entrepreneurs, mom-and-pop stores through its payments solution.
Infibeam which pivoted itself has two main offerings BuildaBazaar–SaaS-based e-commerce solutions, and CCAvenue–that provides payment solutions to India’s e-merchants.
The firm had registered the highest ever transaction volume (GTV) growth in Q1 FY19. It reported 128 per cent growth to Rs 10,245 crore as compared to the same period in the previous fiscal.
In September, Infibeam lost about Rs 9,200 crore market cap in a single day after a fake WhatsApp message alleging lack of corporate governance.
Last month, Jason Kothari, who joined Infibeam as a President had put in his papers. Kothari had joined Infibeam Avenues to lead strategy corporate development, international operations, and investor relations functions.