Registering the highest ever transaction volume (GTV) growth, e-commerce and payments platform Infibeam Avenues has reported 128 per cent growth to Rs 10,245 crore in Q1 FY19 as compared to same period in the previous fiscal.
Following the three digit growth, the company’s revenue grew from Rs 72.13 crore in Q1 FY18 to Rs 91.34 crore in Q1 FY19 showing 27 per cent
The record growth in the first quarter of the current FY for Infibeam has come after it concluded FY18 with a highest ever yearly growth of 90 per cent growth in revenue to Rs 839.3 crore. Importantly, it also reported a 102 per cent rise in net profit to Rs 88.1 crore.
Its standalone EBITDA reduced to a loss of Rs 2.91 crore during the quarter ending June 2018 , however, it losses shoot up to 4X to Rs 13.88 crore after tax.
The company said that reason for the hyper growth in loss was driven by one time charge of impairment on investments, provisions, and zero merchant charges on debit card transactions up to Rs 2,000 per government mandate where reimbursement amount was not confirmed.
Infibeam Web Services recorded more than 5 lakh new active active members joining the platform, and the number of new “.ooo” domains registered for the period were 2,33,000, a figure ranked 21 on the global metric. Successful transactions processed for the quarter were 2.7 crore.
In FY19’s first quarter Infibeam has reportedly completed major acquisition of digital payment processing company Vavian International Limited through Dubai based subsidiary, as well as is in the process of acquiring warehouse and logistics solution provider Unicommerce from Snapdeal.
According to internal financial information system of the company and subsidiaries, the revenues from subsidiaries (other than Vavian International Limited) increased to Rs 139.03 crore, an increase of 24 per cent on a yearly basis.
Meanwhile, EBITDA margins of subsidiaries (other than Vavian International Limited) expanded by 143.3 per cent YoY to Rs 43.82 crore owning to growth in web services and value-added services from domestic and international markets.
The company also changed its name from Infibeam Incorporation Limited to Infibeam Avenues Limited to reflect its merger with Avenues India Private Limited and in June 2018, appointed Jason Kothari, prior CSIO of Snapdeal, as the new President. The corporate website was also renamed to www.ia.ooo from www.infibeam.ooo.