Nagpur businessman Ravi Agrawal raises his stake in Infibeam Avenues from 5.65% to 7.11%

Nation Next Newsroom | Jun 18, 2020 19:54

After acquiring an initial stake of 5.65% in Infibeam Avenues in April, Nagpur businessman Ravi Agrawal has raised an additional stake in the company.
Ravi Agrawal

After acquiring an initial stake of 5.65% in e-commerce giant Infibeam Avenues in April, Nagpur-based businessman Ravi Agrawal, along with his family members, has raised an additional stake in the company bringing the total stake to 7.11%.

Agrawal, along with persons acting in concert (Suraj Agrawal and others) has acquired additional equity shares resulting to acquisition of total 4,71,73,974 equity shares of the company on June 18, Infibeam informed through a BSE filing. As a result, Agrawal’s shareholding in digital payment and e-commerce technology platform has increased from 5.65% to 7.11%.

Ravi Agrawal, Chairman, L7 Group, has a deep interest in technology sector and has been very bullish about e-commerce and digital payment segments. Agarwal says that COVID-19 pandemic has made technology an immersive part of our daily lives and e-commerce and digital payments will further thrive due to social distancing. Besides technology sector, Agrawal also actively invests in hospitality, manufacturing and agri-tech sectors.

Infibeam Avenues, which owns the well-known payment getway service CCAvenues, is an Indian internet and e-commerce conglomerate involved in digital payments, online retailing and other internet services. Just last week, the company signed a binding agreement for 100 percent acquisition of card payment company Cardpay Technologies.