The said acquisition will be completed within 30 days. Post acquisition, Infibeam Digital Entertainment Private would become a wholly owned subsidiary of the company.

Meanwhile, the company’s board also approved to incorporate a wholly owned subsidiary company and has also approved to transfer its artificial intelligence business – Phronetic.AI into the said company

The proposed company would be in the business of Artificial Intelligence (AI) enabled fraud detection & prevention market space with an initial focus on fintech & financial sector building AI solutions for fraud detection, authentication and risk identification (FAR) to nurture AI ecosystem & develop solutions for the domestic and global market.

The proposed company would be a "One-Stop Shop" to bring AI and Machine Learning (ML) into the day-today activities as well as analyse data and provide actionable winning fraud detection solutions for businesses, organizations and governments to tackle rising threats to financial systems, businesses and national interest.

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.

The company reported 64% jump in consolidated net profit to Rs 42.1 crore as compared with Rs 25.7 crore in Q3 FY23. Revenue from operations was at Rs 912 crore in Q3 FY24, steeply higher than Rs 414.7 crore in Q3 FY23.