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Infibeam says it has signed definitive agreement with Reliance Industries’ Jio Platforms, have applied for NUE

MUMBAI: Avenues, the BSE listed company, tied up with ’ Jio Platforms have applied for Reserve Bank of India’s New Umbrella Entity (NUE) in the country, the company said Thursday.

The company said that it has applied to the RBI for Retail Payments (Payments Network) license through its subsidiary So Hum Bharat Digital Payments.

In a bid to capitalise on growing digital payment space in India and a push for a digital ecosystem; Reliance Jio, Google, Facebook and Infibeam Avenues are coming together for Reserve Bank of India’s (RBI) New Umbrella Entity (NUE), ET wrote on February 27.

Experts say that a successful bid for NUE is set to add to the company’s plans to make further inroads into the buoyant digital space. Mukesh Ambani led Jio has managed to raise funds from some of the largest global investors for India’s growth story.

Infibeam informed the BSE about its NUE plan on Thursday. The company also said that its profit after tax (PAT) in the fourth quarter jumped by 148 per cent compared to the third quarter. The company’s PAT jumped by 30 per cent year-on-year to touch Rs 32 crore. The company’s gross revenues on the other hand increased by 42 per cent to touch Rs 201 crore.

“We very excited about building innovative digital technology solutions for more than 2.5+ million merchants on our platform. Our business delivered a steady growth on a healthy foundation of digital payment fintech solutions and enterprise software platforms while adding an average of over 2000 new merchants daily,” Vishal Mehta, Managing Director, Infibeam Avenues said.

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