The Rs 450-crore initial public offer (IPO) of Infibeam has received 115 crore investment from Next Orbit Ventures.
With the investment the VC firm owns around 5% of the e-commerce company. The amount has been invested from the first $140 million (Rs. 700 crore) fund of the venture capital firm.
Ajay Jalan, Founder and managing Partner of Next orbit Ventures said, “When other online-retail companies in the market are making losses, we are very confident about our investment on a company which is ready to IPO and will be making profits in next 6 months.”
Infibeam, the first e-commerce company to raise capital through an IPO, had set Rs 360-432 per share price band for the IPO.
The proceeds of the IPO will be utilised for expansion of business, which includes setting up a cloud data center, setting up 75 additional logistics centres, purchase of software and purchase of property for shifting of the registered and corporate offices of the company.