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ICICI Bank buys stake in Avenues Payments India

ICICI BankICICI Bank has bought 8.85% stake in Mumbai-based Avenues Payment India. The acquisition is said to be part of the bank’s efforts in adopting digital cross border remittance platforms for corporate and retail customers. The bank is said to have paid Rs 100 million for the stake. The deal is expected to be completed by October 2018 end. Avenues Payments India was incorporated in 2012 by Vishwas Patel and Hershel Asmani. The startup which is backed by eCommerce service provider Avenues India. It has been providing remittance assistance to customers from both B2C and B2B market segments all around the globe. It had a turnover of Rs 12 billion  and is currently present in India, United Kingdom and Australia.

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