Infibeam board approves investment in RemitGuru

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

"The board of directors of the company has approved to make investment in preference shares along with Fable Fintech 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, 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."

Infibeam, shares gained 1.5 per cent on the National Stock Exchange to trade at Rs.1,019 on Thursday.