The liquidation of Skava Pvt. Ltd. was ordered by the NCLT. Infosys received a certified copy of the order on November 28, 2024. The NCLT’s decision was based on Skava’s reclassification from “held for sale” status in 2019 and its net worth of Rs 2.72 crore as of March 31, 2024.
Infosys shares fell by 3.53% following the announcement of Skava’s liquidation.
Infosys had initially acquired Skava, a digital commerce firm, for $120 million in 2015 as part of its strategy to enhance digital experiences for clients. However, plans to sell the firm were eventually abandoned, and its assets were repurposed its business as they didn’t expect a sale to materialize.
Skava Pvt. Ltd. was founded in 2002, by Arish Ali and Arvind Parthasarathy. The company initially focused on providing modern e-commerce capabilities to business clients, offering modular microservices architecture and rich front-end applications.
Skava was primarily backed by accelerator/incubator programs before being acquired by Infosys.