Infibeam Avenues has appointed Narayanan Sadanandan, former MD & CEO of SBI Pension Funds, as an Independent Director.
Sadanandan's appointment is for a five-year term, subject to shareholder approval.
Infibeam Avenues processed transactions worth INR 7.0 trillion (US$ 86 billion) in FY24.
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Fintech company Infibeam Avenues has appointed former SBI Pension Funds’ executive Narayanan Sadanandan as an independent director to its board.
With over four decades of experience across banking, digital banking, banking regulation and finance, Sadanandan’s career includes roles such as SBI’s Frankfurt Branch CEO, Head of the Financial Institution Group in SBI’s International Banking Group and Chief General Manager of SME at SBI.
His five-year term, approved by the board of directors on Tuesday, is pending shareholder approval.
Vishal Mehta, chairman and managing director of Infibeam Avenues Ltd, said, “He (Sadanandan) is a talented leader with extensive experience and expertise in the financial services industry. His expertise will be invaluable as we continue to drive growth and innovation in the fintech sector.”
Sadanandan said, “The company’s flagship brand CCAvenue is positioned at the forefront of the shift to digital payments and I am inspired by the opportunity to work with Vishal and the team to deliver that vision.”
Infibeam Avenues, founded in 2007 by Vishal Mehta, operates in the digital payments and e-commerce sectors.
The company offers digital payment solutions under the brand name CCAvenue and enterprise software solutions under the brand name BuildaBazaar.
According to the company, in FY24, Infibeam Avenues processed transactions worth INR 7.0 Tn ($ 86 Bn). It has over 10 million clients across its digital payments and enterprise software platforms.
Infibeam Avenues’ international operations are based in the United Arab Emirates, Kingdom of Saudi Arabia, Australia, and the United States of America. The company also has a business presence in Oman, working with three of the largest banks in the country.
Infibeam Avenues operates in India’s rapidly growing fintech market, projected to reach $ 111.14 Bn in 2024 and expand at a CAGR of 30.55% to $ 421.48 Bn by 2029.
The company competes with Paytm, Razorpay, MobiKwik, PolicyBazaar, and PineLabs. Growth in digital payments, e-commerce integration, and government initiatives supporting financial inclusion are driving the sector’s expansion.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.