Infibeam Avenues, the fintech startup, has entered into a Memorandum of Understanding (MoU) with the Gujarat government, solidifying an investment commitment of up to INR 2,000 Crores ($240 Million) by 2030. The strategic alliance aims to establish an artificial intelligence (AI) hub specifically tailored for payments and platforms, with a strong emphasis on supporting retailers across the country.
Under the MoU, Infibeam will collaborate closely with the Gujarat government to foster the growth and adoption of AI technology among retailers. The partnership outlines a long-term relationship, where the government will facilitate Infibeam in obtaining necessary permissions, registrations, approvals, and clearances from relevant state and central government departments, in alignment with existing policies, rules, and regulations.
Vishal Mehta, Chairman, and Managing Director of Infibeam expressed, “With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country.” He emphasized that the integration of AI technology would not only enhance the competitiveness of retailers but also position Gujarat as a leading AI Hub, offering innovative solutions to the rapidly expanding Indian retail sector.
Infibeam is actively working on the development of ‘Theia,’ a video intelligence platform and its flagship product. The platform utilizes AI video technology for inventory management and serves as a third eye by detecting and analyzing customer activities within the video footage. This innovative approach enhances security and identifies potential theft incidents.
In the retail space, Infibeam plans to collaborate with approximately 100,000 retailers, aiming to boost operational efficiencies, improve security measures, enhance overall customer experiences, and advocate for policy development tailored to the needs of small retailers.
Last year, the company had announced plans to establish India’s first AI Hub at Gujarat International Finance Tec-City (GIFT City). At that time, Infibeam committed an undisclosed investment over the next three years to build and nurture the AI Hub. In a subsequent development, the company’s subsidiary acquired a piece of land in Ahmedabad, serving as an extension of its planned GIFT City AI HUB.
