Other Private Equity/Strategic Investments
Infibeam to up stake to 41% in cross-border remittances enabler Fable Fintech
Listed payments solution provider Infibeam Avenues, which operates payment gateway CCAvenue, is to increase its stake in Mumbai-headquartered cross-border remittance startup, Fable Fintech by 25% for INR 3.2 crore in cash, with an additional INR 1.4 crore to be invested in compulsorily convertible debentures (CCD) issued by the company. The deal will take Infibeam's stake in Fable to 41% and make it an associate company of Infibeam. Fable Fintech, backed by the likes of Paytm and Pentathlon Ventures, is focused on inward cross-border remittances and allows more than 25 countries to send money to India in eight currencies. For FY23, Fable Fintech had reported an annual turnover of INR 14.9 crore.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
