Mauritius-based LTS Investment Fund offloads a portion of its stake in Ahmadabad-based ecommerce marketplace Infibeam for $8 Mn (INR 50 Cr). However, the buyers of the shares could not be ascertained immediately.
According to data available with NSE, LTS Investment Fund has sold over 363,000 shares, amounting to 0.66% stake, in the Ahmadabad-based company. The selling price of the shares was about INR 1,412.93/share.
Founded in 2007 by Vishal Mehta, Sachin Dalal and Neeru Sharma, Infibeam runs a marketplace called infibeam.com as well as the services business BuildaBazar(BaB) that provides customisable digital solutions and other value added services to enable merchants to set up online storefronts. The company had more than 66,000 merchants at the end of December 2016.
In the last month, the company won the bid for government emarketplace defeating the other players like Flipkart and Amazon. The company was also in the headlines for being a potential contender for the Snapdeal merger against Flipkart.
In the same month, Infibeam opened e-payment gateway services as the company board gave nod for acquisition of one of the early entrants in digital payment CCAvenue. This was an all-stock-deal with 260 shares of Infibeam being given for every 100 shares of CCAvenue.
Earlier in June 2017, the e-commerce company announced a growth of 396 per cent, clocking a profit of Rs 435 million in FY17.
In March 2017, it signed a Memorandum of Understanding (MOU) to acquire DRC Systems Pvt Ltd, through its wholly-owned subsidiary NSI Infinium Global Pvt Ltd.
Infibeam has witnessed many developments since October 2015; Infibeam Incorporation became the first ecommerce company in the country to be listed with, after getting an approval to raise $69 Mn (INR 450 Cr) through an initial public offering (IPO). It has delivered a significant return to its shareholders.