The house of smoke and mirrors of Infibim

“Nobody understands what we’re doing,” says Vishal Mehta, founder and CEO of Infibeam. He was a little stocky with full hair. “When people don’t understand, they say all kinds of things,” he raises his throat. It was like he was shutting himself down. “It’s all because they don’t trust us,” his voice raises another octave. Why should they? “Because they should be.”


Mehta or Vishal Bhai (as he is known in circles) is the CEO and founder of Infibeam. It is one of the largest e-commerce companies in India. It is one of the few Internet-led companies in the country listed on the stock exchange. This is Unicorn — a company worth more than $ 1 billion. At this point, the value is not determined by venture investors around the world. Currently, the company has a market cap of over $ 1 billion. Unlike its tech peers, this unicorn actually benefits.

Brace yourself for numbers. Infibeam went public in April 2016. It is listed at a profit of Rs 337 crore (Rs 49 million) and a profit of Rs 8.8 crore (3 1.3 million). One year earlier, in the fiscal year ended March 2015, it had incurred a loss of Rs. In the year ended March 2014, it suffered a loss of Rs 207 crore (.2 30.2 million) and Rs 26 crore (~ 4 million). Since it was listed, the tendency to infiltrate Infibim has been reversed. In FY17, the company reported revenues of Rs. It went even further in FY18. Income was Rs 839 crore (2 122 million) and profit was Rs 88 crore (9 12.9 million). This is an increase of 90% year over year and 102% in revenues and profits.

In the last two years, the company has won a large number of contracts including the creation of tourism websites, the e-commerce project for Amul, India’s largest dairy cooperative and the government’s e-marketplace (GM). And these are just some of the trophies on display. Senior executives at the company believe Infinbeam is a gem waiting to be discovered. Some are already on it. Shaw and Tucker prites tab, kearcokse Shares and Securities brokerage firm’s analysts have a buy recommendation on inphibim a price target of Rs .256 / share ($ 3.74); Currently, the stock is trading at Rs150 / share ($ 2.19). “Considering the growth from every bucket, the company is forecast to grow at a CAGR of 67.2% between FY19E and FY20E [Estimated Fiscal Year ending 2019 and 2020]. In addition,

If all this sounds too good to be true, here’s the clincher. You want Infibim to be from Bangalore in India’s Silicon Valley. But its roots are in Ahmedabad. A small city about seven hours away from Mumbai if you decide to drive. At present, the company occupies 16 floors of a 30-story building in Gift City, Gandhinagar. The twist of fate is that the two must share the same storyline.


Gift City is built in the middle of nowhere. It is an hour from Ahmedabad and 30 minutes from Gandhinagar. The Sabarmati River halved this artificial city. Roads have been paved and some people are trying to turn the desert into a habitable land. The nearby village of Ferozepur is trying to build restaurants and party halls to entice customers. But no one will stop. Nothing in Gift City. It is barren with two buildings around 30 floors. There are two parking spaces. The incomplete National Stock Exchange (NSE) building contains a live running script of day trades. There’s a truck-free fire station, that’s all. The gift city is nothing to see.

The tallest of the two buildings is Infibium.

We were on the 28th floor. Infibeam occupies 15 stories below it. Currently, seven floors are occupied, four are under construction, one is a data center, and Infibim cannot decide what to do with the others. The 28th floor is divided into two, one for legal and customer support, the other for management offices.