EBITDA stood at Rs 56 crore during the quarter, was up 31% as compared with Rs 43 crore recorded in corresponding quarter last year. EBITDA margin was at 57% in Q1 FY24 as against 58% in Q1 FY23.

During the quarter TPV stood at Rs 1,18,260 crore, was up 27% as compared with Rs 93,356 crore in Q1 FY23.

The company added 9,500 merchants on an average daily and now has 10 million merchants across its online business in Q1 FY24. The company also experienced a surge in demand for its omnichannel mobile payment solution, CCAvenue TapPay. Number of TapPay downloads on merchant mobile phones doubled in 3 months from 150,000 in FY 2023 to over 300,000 by the end of June 2023.

Financial guidance for FY2023-2024 Vishal Mehta said, “The company is hopeful of achieving gross revenue in the range of Rs 3,000- 3,300 crore with year on year growth of 53% -68%, net revenue within range of Rs 410-415 crore with YoY growth of 25%-26%, EBITDA between Rs 230-235 crore with YoY growth of 28%-31%, Profit after tax in the range of Rs 130-150 crore with growth of 37%-59% YoY.

Meanwhile, the board approved the appointment of Vijay Subramanian to be appointed as the CEO of the Platform Business, Vishwas Patel to be appointed as the joint managing director (JMD), Vishal Mehta, to become the chairman & managing director (CMD).

Further, the board approved to make further investment through acquisition of shares from existing shareholder(s) of Fable Fintech. Post acquisition, Fable Fintech would become an associate company.

Additionally, the board has approved a composite scheme of arrangement amongst Infibeam Avenues (IAL), Odigma Consultancy Solutions, Infibeam Projects Management and respective shareholders and creditors in terms of which, IAL will list its digital marketing arm on the Indian stock exchanges upon approval by regulatory authorities.

Infibeam Avenues is one of the leading global financial technology (fintech) company offering comprehensive digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The company's payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks.