Infibeam Avenues Acquires Sintex Corporate House To Expand AI and Tech Ecosystem
Infibeam Avenues, a player in India's fintech landscape, has taken a significant step towards successfully executing its plan for fostering the development of an AI and tech ecosystem, which can be finely tuned to meet the specific requirements of the company’s Artificial Intelligence (AI) operations while facilitating AI startups and businesses flourishing independently in a mutually beneficial ‘symbiotic’ framework.
The company's subsidiary, Infibeam Projects Management has successfully acquired the partially constructed Sintex Corporate House from Aavas Trust, an entity owned by the Aditya Birla Group, in a deal valued at approximately Rs 1 Billion.
The newly acquired building will be an extension of Infibeam Avenues Ltd’s planned GIFT city AI Hub. In the first quarter of FY24, the company announced its major plans to foray into Artificial Intelligence (AI) enabled fraud detection & prevention market space and a plan to come up with India’s first AI Hub at GIFT city.
The company is set to capitalise on the recently introduced IT/ITeS Policy 2022-27 by the Gujarat Government, which offers a range of incentives, including a one-time CAPEX support of up to Rs 2 Billion. Infibeam Avenues aims to leverage this policy to fuel its growth in the AI and software development sector.
"We are focusing on cultivating a harmonious AI and tech self-sufficient and symbiotic ecosystem, one that will not only bolster Infibeam's expansion within the AI and software development sector but also nurture the emergence of independent AI and technology enterprises in India," said Vishal Mehta, the Chairman and Managing Director of Infibeam Avenues.
The Ahmedabad campus, which will be the extension of GIFT city’s AI Hub, will have company’s own in-house team and it will house strategically invested AI and technology businesses under one roof, further enhancing the synergy and innovation within the ecosystem.
Vishal Mehta further emphasized that the successful culmination of this deal represents a pivotal stride in the establishment of enduring AI ventures, catering to both domestic and global markets, particularly in the realm of fraud detection.
The company aspires to emerge as a key player in the AI-based fraud detection and prevention market, which had an estimated market size of approximately USD 26 Billion in 2021 and is projected to surge to USD 129 Billion by 2029.
The company’s consolidated net profit, excluding the mark-to-market movement from investment in listed security, rose 191 per cent YoY to Rs 383 million in the second quarter of FY24, while revenue surged by 66 per cent to Rs 7,899 Million.
