"Infibeam Avenues and Gujarat Government Forge $240M Partnership to Pioneer AI Hub for Retailers by 2030"

Infibeam Avenues, a burgeoning fintech startup, has entered into a significant agreement with the Gujarat government. Under this pact, the company plans to invest up to INR 2,000 Crores ($240 Million) by 2030 to establish an artificial intelligence (AI) hub dedicated to payments and platforms, with a special emphasis on benefiting retailers.As outlined in the Memorandum of Understanding (MoU), Infibeam will collaborate closely with the Gujarat government to actively promote the growth and adoption of AI technology within the retail sector across the country. 

The company's official statement highlights the Gujarat government's role in facilitating the initiative by assisting Infibeam in obtaining necessary permissions, registrations, approvals, and clearances from relevant state and central government departments. This support will be in accordance with existing policies, rules, and regulations.Vishal Mehta, Chairman and Managing Director of Infibeam, expressed the strategic significance of this collaboration, stating, “With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country."

This partnership signifies a long-term commitment, indicating that the Gujarat government will play a supportive role throughout the project's lifecycle. Overall, the collaboration aims to pave the way for the establishment of a robust AI ecosystem, particularly benefiting retailers and contributing to the broader technological landscape in India.