Ahmedabad based B2B aggregator for industrial goods Tradohub has acquired a 100 per cent stake in Infinium for ₹60 crores. Tradohub is owned and operated by Ingenuis E-Commerce while Infinium was a part of Ahmedabad-based Infibeam Avenues. According to a Bombay Stock Exchange (BSE) filing, Infibeam Avenues has divested the ownership in $Infimium to Ingenius E-commerce.
Both the companies signed the Memorandum of Understanding (MoU) on 19th of this January and the deal is expected to be completed by 31st of this month. Following the transaction, Ingenius will improve the technical capability and expand its merchant base using the new firm. Furthermore, it will expand its distribution across segments like IT products, appliances, consumables, software and services.
Infinium provides designing and implementation of large technology solutions like hardware, software, satellite and digital communications. The firm provides DoT approved shared hub VSAT services and solutions like broadband to provide networking and connectivity. The firm earns its revenues from trading and distribution of consumer products and selling e-commerce solutions to government and enterprise clients.
On the other hand, Ingenius has grown 50 per cent year on year and clocks ₹300 crores in revenue. It’s subsidiary Tradohub has registered more than 10,000 SMEs across the country and from various sectors like food and agriculture, chemicals, metals, pharmaceuticals, polymers and various other sectors.
The development comes after months when Infibeam’s stocks crashed on the market followed by auditor raising concern over CCAvenue’s merger. The auditing arm of EY India SRBC & Co LLP has asked for a detailed report for a probe into the company’s merger with the payment gateway.