Infibeam Avenues Ltd., a leading digital payments and e-commerce technology platform, has announced the acquisition of the remaining 26% stake in Infibeam Digital Entertainment Pvt.
Post-acquisition, Infibeam Digital Entertainment would become a wholly owned subsidiary of the company, as per an exchange filing.
The board has also approved the incorporation of Phronetic.AI, the company's artificial intelligence business. The subsidiary will then be dedicated to the AI-enabled fraud detection and prevention market, with an initial focus on the fintech and financial sectors.
The company's objective is to develop cutting-edge AI solutions for fraud detection, authentication, and risk identification. The complete ownership is expected to streamline operations and provide a unified direction for future growth.
The new subsidiary aspires to be a "one-stop shop" for integrating AI and machine learning into daily operations, analysing data, and providing actionable insights. These solutions are designed to help businesses, organisations, and governments combat the increasing threats to financial systems, businesses, and national interests.
The board also appointed Narayanan Sadanandan as an additional independent director of the company. Sadanandan currently serves as a senior advisor to Modulus Alternatives Investment Managers Ltd. and holds positions on various boards as an independent director.
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