CCAvenue

India's first listed fintech player Infibeam Avenues, which has just launched the country's first 'pin-on-glass' payments platform for merchants, has set the target of doubling its gross merchandise value or transaction value to USD 100 billion by FY24. The Ahmedabad-based company, which has been in the digital payments space since 2007 and now serving over 50 lakh merchants, also expects to double its gross revenue to Rs 2,400-2,500 crore by the end of the next fiscal from Rs 1,200 crore in FY22, if the present margin structure was not altered by competition or regulators, its Managing Director Vishal Mehta told PTI on Thursday.

For the current year, the company has set a gross revenue target of Rs 1,600 to Rs 1,800 crore, he added.

Infibeam, which provides its services under the brand name of CCAvenue, had processed transactions worth USD 49 billion in FY22, from which it had earned around Rs 1,200 crore in gross revenue. The transaction value should touch USD 100 billion by March 2024, Mehta said, adding if the fee structure remains same then the gross revenue should also double.

It had reported a 19 per cent growth in consolidated net income at Rs 84 crore in FY22 from Rs 70 crore in FY21 on net revenue of Rs 259 crore, which rose 11 per cent from Rs 233 crore in the previous fiscal. It had recorded transaction processed value of USD 49 billion or Rs 2.75 lakh crore in FY22, a growth of 98 per cent on-year.