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    Infibeam Avenues signs deal to license ecommerce and payment software to Jio Platforms

    Synopsis

    The company’s platform allows enterprises to transact online, manage orders, inventory and logistics, process digital payments and manage online marketing.

    dealsAgencies
    Infibeam also won the contract to run the government e-marketplace (GeM). Apart from GeM, other enterprise customers include Sony and Nilkamal, among others.
    Infibeam Avenues said it has signed a deal to license its ecommerce and payment software to Jio Platforms, Reliance Jio's digital platform venture.the company said in a BSE filing. Infibeam Avenues is the Gandhinagar-headquartered parent of payment gateway company CCAvenue.

    “We hereby inform that the Company has entered into a definitive agreement with Jio Platforms Limited and its affiliates, to license , customise, maintain and access our Enterprise E-commerce Software and Payments Platform for their business use,” the company said in the filing.

    The company’s platform allows enterprises to transact online, manage orders, inventory and logistics, process digital payments and manage online marketing.

    Infibeam also won the contract to run the government e-marketplace (GeM). Apart from GeM, other enterprise customers include Sony and Nilkamal, among others.

    In the first quarter of FY 21 ended June, Infibeam’s operating revenue stood at Rs 103 crore, a 24% decline as compared to Rs 136 crore in Q4 FY20. Net profits after tax also fell by 58.6% at Rs 12 crore, a drop from Rs 29 crore in the first quarter of FY 20 (y-o-y basis).

    Jio Platforms is an integrated tech platform that offer digital services including streaming music, online retail, education, agri services and telemedicine.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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