E-commerce player Infibeam Incorporation Ltd on Thursday announced signing of an agreement for investment in RemitGuru - Avenues Payments India Pvt Ltd as an anchor.

Infibeam Incorporation Ltd is an Indian internet and e-commerce conglomerate involved in online retailing, e-commerce software and internet services. The company is headquartered in Ahmedabad, India. It is an online retailer for books, electronics, and automobiles in India. Started in 2007, the company has offices in Ahmedabad, Delhi, Mumbai and Bangalore, and has a total of 1300 employees.

The board of directors of the company has approved to make investment in preference shares along with Avenues (India) Pvt Ltd (RemitGuru) as an anchor investor," the company said in a statement.

As part of this transaction, Infibeam and CC Avenue will invest Rs 3 crore in RemitGuru wherein Infibeam will invest Rs 2 crore. Prior to this investment, CC Avenue already holds 26.76% equity stake in this company.

"This partial acquisition would not fall within related party transactions and no governmental or regulatory approvals are required for the same," it said.

RemitGuru is a brand owned and run by Avenues Payment's India Pvt. Ltd, RemitGuru platform has customers from over 25 countries remitting money to India using eight different currencies. "RemitGuru also offers its platform to banks across the world to enable them to launch their own cross border transaction services".

If a bank wants to build its own system, it would cost them something between half-a-million dollars to $1 million, if not more. However, with Avenues Payments and RemitGuru this solution is available at a fraction of the capital cost with fully-loaded compliance, marketing, excellent customer service and modern operations tools, which have been tried and tested for millions of transactions across multiple geographies and currencies.