According to reports, Gandhinagar-based Infibeam Avenues, which runs payment gateway CCAvenue, reported a total operational revenue of Rs 1,016 crore in the September quarter of FY24, up almost 30 percent from Rs 787 crore a year ago.

Net income for the quarter was Rs. 47.4, up 16.7 percent from Rs. 40.6 in the same period last year.

The company's operating revenues grew steadily, but its expenses rose sharply. In the second quarter of the current fiscal year, Infibeam Avenues' total expenses were Rs. 95.7 billion, up 30 percent from Rs. 73.4 billion.

The bulk of the company's expenses are operating costs, a portion of which are payment processing fees that must be paid to banks to settle transactions that occur through the CCAvenue gateway.

CCAvenue posted a total transaction value (TPV) of Rs. 200 billion in the September quarter, compared to a TPV of Rs. 1.7 billion a year ago.

Infibeam Avenues operates two main business units: the payment gateway business through CCAvenue and the e-commerce platform business.

The core payment business recorded 90.2 billion rupees in the September quarter, while the e-commerce business recorded sales of 4.16 billion rupees.

Vishal Mehta, managing director of Infibeam Avenues, says, “To achieve our FY 2025 financial goals, we are accelerating strategic initiatives with a focus on international growth. We aim for this segment to contribute 12-15 percent of net revenue within two years. Our priorities are centered on delivering profitable growth, leveraging investments like Rediff.com and our AI initiatives.”