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Infibeam Gets SEBI’s Approval For Its $69 Mn IPO

Infibeam Gets SEBI’s Approval For Its $69 Mn IPO

Gujarat based Infibeam Incorporation will become the first ecommerce company in the country to be listed with capital markets regulator Securities and Exchange Board of India (SEBI) giving its approval to the company to raise $69 Mn (INR 450 Cr) through initial public offering (IPO), reports ET. The company, which runs ecommerce platform Infibeam. com, would focus more on creating an ITeS-enabled ecosystem for virtual retail using .OOO domain and its BuildaBazaar marketplace.

Infibeam had filed the filed the draft red herring prospectus (DRHP) with SEBI for a public issue of its equity shares on June 30 this year. The ecommerce company will utilise the IPO proceeds to set up a cloud data centre and shift its registered corporate office to a new office in Gujarat International Finance Tec-City (GIFT), Gandhinagar.

The technologically advanced data centres will enable Infibeam to exercise increased control over proprietary technology and customer information, manage customer and market analytics in a better way, ensure superior confidentiality and security protection and also provide disaster recovery support infrastructure.

The ecommerce player seeks to create a synergistic ecosystem for retail including platform through BuildaBazaar marketplace. The BuildaBazaar marketplace platform launched in 2011-12 has 33, 489 registered merchants as of March 2015 including startups, SMEs and various brands on board.

Founded in 2007 by Vishal Mehta, Sachin Dalal and Neeru Sharma, Infibeam is an online shopping portal that offers cloud-based ecommerce platform service in B2C and B2B verticals and is recognized globally for its innovative approach towards delivering business values and responsive to changing customer needs

The BuildaBazaar platform enables sellers to go online with a registered domain name, store and design, website hosting and customer service, giving them the freedom to host products, services and to stream content online. Besides BuildaBazaar, Infibeam runs several ecommerce services such as Indent, Incept and Picsquare.

Another Indian company, i.e. Chennai-based customer support software maker Freshdesk backed by Google Capital and Tiger Global, is also contemplating to launch an IPO. Founded in 2010 by Girish Mathrubootham and Shan Krishnasamy, Freshdesk’s cloud-based customer support software with powerful features, an easy to use interface, and free pricing model, enables companies to support customers through email, phone calls, websites, forums and social media channels.

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