In 2018, Infibeam Avenues Ltd. acquired UAE-based Vavian International Ltd., an online digital payment processing company, for AED 4.32 million. And since 2020, Avenues World FZ LLC, based in the UAE, has operated as a subsidiary of Vavian International Ltd.
A source quoted above said Vavian International Ltd. may offer up to 25% of its equity stake in Avenues World FZ LLC through this dual listing arrangement.
Avenues enables payment gateway infrastructure for a vast network of over 5,000 UAE merchants, processing annual transactions exceeding AED 12 billion.
According to another source, the company is presently engaged in the process of appointing merchant bankers and is in advanced discussions with various entities such as Safa Capital, Tell Group, HSBC, and Emirates NBD, among others.
The final selection of the merchant bankers is expected to be concluded shortly.
Replying to ET questionnaire, Infibeam said, “Our UAE-based subsidiary Vavian International Ltd, in the ordinary course of business, keeps exploring its options to make potential fundraise, for its expansion/ business purposes, from time to time. It would be premature to comment on the same at this point in time.”
In September 2022, Infibeam Avenues Ltd.’s board of directors approved the consolidation of its international operations, involving a strategic restructuring that reorganised its fully-owned international subsidiaries: Infibeam Avenues Australia Pty Ltd., AI Fintech Inc., and Infibeam Avenues Saudi Arabia for Information Systems Technology Co.
As part of the restructuring, these subsidiaries underwent a transformation into step-down subsidiaries, aligning them under the umbrella of Vavian International Ltd.
This step streamlined Infibeam Avenues Ltd.’s international business operations.
According to the sources, there is a possibility that each country subsidiary will undergo its own capital raise following the consolidation under Vavian International Ltd.
The UAE market is expected to be the first to initiate this process.
With the business experiencing significant growth, Infibeam Avenues Ltd. plans to onboard an additional 100,000 merchants in the UAE market over the next 24 months.