Fintech startup Infibeam Avenues has appointed Rajesh Kumar SA, former Meesho executive, as the new chief executive officer (CEO) of its artificial intelligence (AI) business, Phronetic.AI. Kumar will report to Infibeam Avenues’ chairman and managing director Vishal Mehta. In his new role, he will lead the expansion of Infibeam Avenues’ new AI venture.
“I am thrilled to join Vishal Mehta and Infibeam’s AI initiative and look forward to collaborating with the exceptionally intelligent, talented, and innovative colleagues at Infibeam,” said Rajesh Kumar SA, the newly appointed CEO.
Commenting on the development, Mehta added, “Rajesh brings over a decade of expertise in the AI and ML domain, demonstrating his proficiency in developing successful products and solutions for enterprises. At Infibeam, I look forward to Rajesh’s effective leadership, which I believe will propel Phronetic.AI to new heights of innovation and success.”
With more than 16 years of experience, Kumar previously served as the director of machine learning at ecommerce platform Meesho. He is an alumnus of Bengaluru’s University of Visvesvaraya College of Engineering and has previously worked at InMobi and Yahoo. Kumar has also co-founded deeptech startup Streamoid and Amplyfy Labs, as per his LinkedIn profile.
This development aligns with Infibeam Avenues’ ramped-up AI ambitions. In August last year, Infibeam announced its AI Hub and plans to launch several products in the AI-led domain, with Phronetic.AI being part of that initiative. The AI venture aims to focus on fintech, financial, retail, and enterprise sectors, developing AI solutions for fraud detection, authentication, and risk identification (FAR).
Infibeam Avenues recently signed an MoU worth INR 2,000 crore with the Gujarat government for its AI-Hub. The company’s expansion plans are driven by the growing Indian fintech space, projected to reach a $2.1 trillion market opportunity by 2030. According to Inc42 data, the homegrown fintech sector has secured over $28 billion in funding between 2014 and 2023.
