E-commerce company Infibeam Incorporation has agreed to invest Rs 600m ($8.8m) in Avenues India, the India-based operator of online payment platform CCAvenue, TechCircle has reported.
NSI Infinium Global, an Infibeam subsidiary, has definitively agreed on the investment, according to a securities filing.
Infibeam Incorporation, which oversees e-commerce platform Infibeam and DIY e-commerce site BuildaBazaar, already has a distribution deal in place with Dhamaal.com, an e-commerce subsidiary of Avenues India.
Infibeam revealed in an earnings reports late last month it had signed a term sheet to invest about $6.5m in Avenues India but was still in discussions regarding a definitive agreement.
The firm said in the earnings report: “CCAvenue is a leading payment processing solution provider for thousands of merchants across business verticals. Under the business model of e-commerce, the role of payment processor is crucial in completing the financial transactions after the purchase is made by the customer.
“The payment integration is important for the merchant in expanding his merchandise which, on the other hand, results in higher sales. The advantage to Infibeam would be in form of incremental revenue by way of integration for customers shopping on BuildaBazaar merchant store and also on Infibeam.com.”