Infibeam Partners EDII To Fuel AI Adoption For Startups, MSMEs

SUMMARY

Infibeam will help build AI software solutions for startups, MSMEs and EDII beneficiaries to boost their commercial and business development opportunities

Besides, the partnership will also focus on three programmes, including Start-up Accelerator Programme, AI Implementation Programme and MSME Support Programme

EDII also aims to set up a dedicated unit in Gujarat’s GIFT City to facilitate activities outlined in its MoU with Infibeam

Listed AI-powered fintech company Infibeam Avenues has entered into a pact with Ahmedabad-based Entrepreneurship Development Institute of India to expedite the adoption of AI across enterprises, startups and MSMEs in India.

As part of this Memorandum of Understanding (MoU), Infibeam will offer technological support, infrastructure and expertise in developing open-source AI models, software integration and implementation, as well as AI-powered solutions tailored to various industry verticals.

“This collaboration designates Infibeam as the sole and exclusive technology partner, responsible for providing technological support, infrastructure, and expertise in developing open-source AI models, software integration and implementation, as well as AI-powered solutions tailored to various industry verticals,” Infibeam said in an exchange filing.

Besides, the partnership will also focus on three programmes, including Start-up Accelerator Programme, AI Implementation Programme and MSME Support Programme.

“This collaboration aims to inject a dynamic factor into entrepreneurial ventures by integrating AI and tech solutions,” said Infibeam’s chairman and MD Vishal Mehta.

Established in 1983, EDII is a national resources organisation in entrepreneurship education, research and training, startups and MSME growth, incubation, innovations and institution building.

EDII also aims to set up a dedicated unit in Gujarat’s GIFT City to facilitate activities outlined in its MoU with Infibeam.

As part of the pact, Infibeam claims to have already deployed its video AI developer platform THEIA at Gandhinagar to enable EDII’s students and entrepreneurs develop their own AI products using the platform.

Founded in 2007, Infibeam offers comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. It claims to boast a user base of over 10 Mn merchants on its platform.

This collaboration comes a month after Infibeam secured final approval from the Reserve Bank of India (RBI) to operate as a payment aggregator.

The startup posted a 28% rise in its consolidated profit after tax (PAT) to INR 49.2 Cr in the March quarter (Q4) of the financial year 2023-24 (FY24) from INR 38.4 Cr reported during the previous year’s quarter.

Its operating revenue increased over 11% to INR 726.8 Cr in Q4 FY24 from INR 652.7 Cr in the corresponding quarter of the previous year.