Fintech startup Infibeam Avenues has appointed ex-Meesho executive Rajesh Kumar SA 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 the newly appointed CEO Rajesh Kumar SA.
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 under his belt, Kumar previously served as the director of machine learning at ecommerce platform Meesho. An alumni of Bengaluru’s University of Visvesvaraya College of Engineering, Kumar has previously also worked at InMobi and Yahoo.
According to his LinkedIn profile, he previously also cofounded deeptech startup Streamoid and Amplyfy Labs.
The development comes close on the heels of Infibeam Avenues ramping up its AI ambitions in the past few months. In August last year, Infibeam announced its AI Hub and unveiled plans to launch a slew of products in the AI-led domain.
Phronetic.AI is part of that plan. The AI venture plans to focus on sectors such as fintech, financial, retail and enterprise space, and will develop AI solutions for fraud detection, authentication, and risk identification (FAR).
The company also recently signed an MoU worth INR 2,000 Cr with the Gujarat government for its AI-Hub.
At the heart of Infibeam’s plans for rapid expansion is the burgeoning Indian fintech space which is expected to surge to a $2.1 Tn market opportunity by 2030. As per Inc42 data, the homegrown fintech sector has secured more than $28 Bn in funding between 2014 and 2023.
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