The ecommerce company, which already owns 3.85% in Avenues India Pvt. Ltd-run CCAvenue through subsidiary NSI Infinium Global, will acquire another 7.5% stake in it by investing USD 22.4 million, stock exchange filings show, techcircle.vccircle.com reports.
The merger is subject to regulatory approvals and due diligence. CCAvenue provides a platform to many local merchants to collect payments online. It also has tie-ups with close to 50 banks. Earlier, in June 2016, Infibeam had invested around USD 8.9 million in CCAvenue.
Infibeam Incorporation is the parent of horizontal ecommerce platform Infibeam and ecommerce enabler BuildaBazaar. Infibeam already has a joint venture with Avenues India that runs the online marketplace Dhamaal.com, where merchants sell their products and promote their brands.
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