There was probably another reason. It’s IPO came at huge valuation and from the listing price it because a 5 bagger during 2017 bull run in 2 years. Afterall it was the first eCom player to get listed. I am not sure, but probably that time it became clear that Infibeam won’t be able to compete with the likes of Flipkart, Amazon & Snapdeal and thus investing more in the adjacencies, and the eCom premium was stripped off.
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