Ahmedabad-based e-commerce marketplace Infibeam Avenues is said to have divested its wholly-owned subsidiary Infinium (India) Ltd (IIL) to Ingenius E-commerce for ₹60 crore.
In a Bombay Stock Exchange (BSE) filing, Infibeam said that Infinium contributed 10.51 percent of its consolidated turnover and 0.31 percent of the consolidated net worth of the company. The company provides e-commerce solutions to government and private institutions with a focus on semi-urban and rural India using V-SAT connectivity.
In a separate statement, Ingenius E-commerce — which owns and operates B2B aggregator portal Tradohub for industrial goods — said that it has entered into a binding agreement with Infinium India to “invest and acquire 100 per cent equity stake with control.”
With this acquisition, Ingenius E-commerce said that it is expecting to strengthen its technology capabilities and expand the existing merchant base and distribution across other product segments including but not limited to IT products, appliances, software, consumables services.
, a platform owned and operated by Ingenius, was founded by Akash Domadiya and Harsh Patel in 2014 as a bootstrapped startup. It is an online distributor of sorts which is making procurement of raw materials easy, efficient, and economical for Indian Small and Medium Enterprises (SMEs).
Akash Domadiya, chairman of Ingenius E-commerce said,
The acquisition of IIL will help the company accelerate growth by targeting SMEs in consumer-focused sectors where there are significant momentum and an opportunity to serve the growing requirements.
Ingenius says that the company is growing at more than 50 percent year-on-year with annual revenue of ₹300 crore. In the last three years, it has registered more than 10,000 small and medium enterprises (SMEs) across several product segments like food and agriculture, polymers, chemicals, pharmaceuticals, metals, and others on its platform.