Infibeam Avenues Ltd Inks ₹2,000-Cr Memorandum of Understanding with Gujarat Governmentv

Infibeam Avenues Ltd has solidified its commitment to technological advancement with the signing of a Memorandum of Understanding (MoU) with the Gujarat government. The company plans to make a significant investment of ₹2,000 crore in its Artificial Intelligence (AI) Hub at GIFT City by the fiscal year 2030. The allocated funds will be directed towards the development of cutting-edge vision AI technology tailored for payments and platforms, with a specific focus on enhancing capabilities for retailers, as stated in an official release.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, emphasized the strategic importance of the MoU, stating, "With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country." The incorporation of AI technology is expected to elevate the competitiveness of retailers and position Gujarat as a leading AI Hub for innovative solutions within the rapidly expanding Indian retail sector.

The company's AI-Hub, officially named Phronetic.ai and located at GIFT City in Gandhinagar, will play a pivotal role in fostering collaboration among government entities, private enterprises, tech startups, AI technology developers, and retailers.

Infibeam Avenues Ltd's vision is to transform retailers through its in-house developed Vision AI technology, particularly the flagship product named 'Theia,' which serves as a user-friendly video intelligence platform. Theia addresses various challenges faced by retailers, including inventory management, security, and pilferage, utilizing AI video technology to track products, customers, and payments through image and video analysis.

The inventory management feature of Theia identifies and lists products using AI video technology, while its security aspect acts as a third eye, detecting and analyzing customers' activities to identify potential theft incidents. The platform also provides a comprehensive heatmap, highlighting high customer interaction zones within CCTV video footage. This feature allows businesses to strategically plan product layouts based on customer engagement patterns, optimizing space utilization.

Infibeam Avenues Ltd envisions creating employment opportunities for over 5,000 individuals through both the gig economy and full-time employment in the next five years. The company is actively engaged in the development of AI solutions, positioning itself at the forefront of innovation in the retail sector.

HBL