Fintech startup Infibeam Avenues has inked a pact with the Gujarat government for an investment of up to INR 2,000 Cr ($240 Mn) by 2030 to establish an artificial intelligence (AI) hub for payments and platforms, with a focus on retailers.
As a part of the MoU, Infibeam will collaborate with the Gujarat government to facilitate the growth and adoption of AI technology among retailers in the country, the company said in a statement.
The pact signifies long-term relation with the Gujarat government, where the latter will play a facilitative role, assisting the former in obtaining necessary permissions, registrations, approvals and clearances from relevant state and central government departments, in accordance with existing policies, rules and regulations, the statement added.
Infibeam’s chairman and managing director Vishal Mehta said, “With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country.”
He further added that the incorporation of AI technology will not only elevate the competitiveness of retailers but also position Gujarat as a leading AI Hub for innovative solutions in the rapidly expanding Indian retail sector.
Besides, the company is working on the development of Theia, a video intelligence platform and its flagship product. The product is designed to do inventory management using the AI video technology. It also works as a third eye by detecting and analysing customers’ activities within the video footage, helping identify potential theft incidents, thus enhancing security.
In the retail space, the company plans to collaborate with around 1,00,000 retailers to help them enhance operational efficiencies, improve security measures, elevate the overall customer experience for retailers, and advocate for policy development tailored to the needs of small retailers.
Last year, the company announced that it would establish, what it claims to be, India’s first AI HUB at Gujarat International Finance Tec-City (GIFT City). Back then it said that the company would make an undisclosed amount of investment over the course of next three years to ‘build and nurture’ the AI HUB.
In November, the company said its subsidiary acquired a piece of land in Ahmedabad that will serve as the extension of its planned GIFT City AI HUB.
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