Infibeam

Infibeam’s Dubai arm is divesting 51% stake to UniPropitia for $25 Mn

Infibeam

Infibeam Avenues is divesting around 51 per cent stake of its Dubai-based subsidiary to UniPropita Group for about $25 million. This is a part of the strategic alliance where Infibeam Avenues Ltd (IAL) is venturing into Arab League countries to increase its international growth and revenue share.

Infibeam’s wholly owned Dubai arm – Infibeam Global EMEA FZ-LLC – has entered into a binding memorandum of understanding (MoU) with UniPropita, a UAE-headquartered professional service & investment firm.

While Infibeam will use UniPropitia network to expand its web services and payment solutions across Arab League countries, UniPropitia will be able to expand its technology services offerings.

Led by Indian entrepreneur Narayanan Raghavan, UniPropitia provides guidance to companies and entrepreneurs from the pre-start to launch to growth to exit stages.

The firm has a strong foothold across the Middle East and the Arab League. It has made investments in several technology companies. The synergy will help both companies to offer large scale technology implementations to large institutions and governments in the Arab region.

Separately, Infibeam will take over 100 per cent control of Vavian International Ltd from its Dubai-based subsidiary.

The strategic move will help Infibeam to fortify its aim to become the largest digital solution provider in the region. The company has been offering digital solutions to some of the major retail brands like Saudi Telecom, Jumbo Electronics, Axiom Telecom, and others.

This is the second divestment step by the Ahmedabad-based e-commerce firm. In January, Ingenius E-commerce has acquired 100 per cent equity stake in Infinium from Infibeam Avenues for Rs 60 crore.

Infibeam

Infibeam’s Dubai arm is divesting 51% stake to UniPropitia for $25 Mn

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Below is the bank details:

 
Amount: INR 3,19, 000 (After Adding 18% GST and Deducting 2% TDS)
Bank Name: ICICI Bank
Account Type: Current
Account Name: Bareback Media Private Limited
Account Number: 002105023595
IFSC Code: ICIC0000021
 
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