Infibeam Avenues Ltd, the parent of payment gateway CCAvenue, has acquired contactless technology startup Uvik Technologies for Rs 75 crore in a cash-and-stock deal.
As a part of the transaction, venture capital firm Season Two Ventures has exited Uvik Technologies, the firm said in a statement on Monday.
Uvik Technolgies, co-founded by Rahul Hirve and Amartya Singh in July 2019, claims to be India’s only offline card payment stack provider, which integrates with businesses and merchant applications who are willing to accept card transactions.
The platform further said it has product market fit with acceptance of contactless payments via application or SDK (software development kit) on merchant-facing applications.
Uvik also claims to have built its SoftPOS (point of sale) solution – UpoS, which was certified by Visa, MasterCard and Rupay, for ticket size of as much as Rs 5,000.
“Payments ecosystem has been rapidly evolving over the past few years through demand-driven influences and regulatory-driven pushes. UPI (unified payments interface), BNPL (buy-now-pay-later), tokenization and checkout flows have ushered in a new trend in payments. Contactless Payments is going to be the next big driver in payments with focus on making payments cashless, contactless, riskless and seamless,” said Singh.
“The focus of offline payments in the next few years is going to be via contactless infrastructure. To achieve this objective, we, at Uvik, have been constantly working towards making payments easy-to-use for merchants with a focus on security.
The M&A (merger and acquisition) deal with Infibeam is going to help us drive the next level of growth for Uvik through Infibeam’s world-wide presence and merchant acquiring capabilities,” said Hirve.
