Infibeam Avenues Ltd, a leading AI-powered fintech company (BSE: 539807; NSE: INFIBEAM), has announced it will acquire a 54% stake in Rediff.com India Ltd., one of India’s pioneering and most esteemed internet enterprises.
This acquisition, funded internally, represents a major milestone for Infibeam Avenues as it ventures into consumer-facing digital financial services as an aggregator. The move is bolstered by Rediff’s established platforms in mainstream news, cloud-based enterprise email storage, and collaboration.
Mr. Ajit Balakrishnan, Chairman & CEO of Rediff.com, expressed his confidence in Infibeam’s acquisition, stating, “I am thrilled to entrust this iconic brand and its legacy to Mr. Vishal Mehta of Infibeam Avenues. I firmly believe that under his leadership, Rediff will thrive and drive significant business growth.”
Founded in 1996 by IIM-Calcutta alumnus Mr. Ajit Balakrishnan, Rediff.com will continue to provide advisory support to the company. Mr. Balakrishnan also served as the board Chairman at IIM-Calcutta for nearly a decade.
Mr. Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, commented on the acquisition, “This transaction leverages the synergies between Infibeam Avenues’ fintech prowess and Rediff.com’s renowned brand legacy. We are set to solidify our leadership in the evolving digital finance aggregation sector, cloud storage, and content distribution. This strategic alignment will unlock new growth opportunities, redefining our engagement with cloud and fintech services.”
Infibeam Avenues, known for its digital payment gateways, enterprise software, and AI solutions, is set to acquire a 54% stake in Rediff.com. This move will integrate Infibeam’s digital services with Rediff.com’s cloud-based email storage, content distribution, and commerce platforms.
The synergy aims to enhance user engagement, open new revenue streams, and leverage Rediff.com’s large user base for cross-selling financial products. This integration will also expand Infibeam’s footprint in the digital economy and diversify its portfolio.
Infibeam Avenues boasts strong regulatory compliance due to its extensive experience with CCAvenue, holding RBI authorization as a Payment Aggregator and a perpetual BBPOU license for Bill Avenue. Internationally, its subsidiary, Infibeam Avenues Saudi Arabia, has achieved PTSP Certification from the Saudi Arabian Monetary Authority (SAMA), making it the first Indian fintech to do so.
Infibeam plans to leverage Rediff.com’s strong audience and extensive corporate email client base to boost its growth in both domestic and international markets. The acquisition is expected to significantly enhance the company’s product and service offerings, with anticipated revenue growth in the financial sector. Rediff.com recently reported revenues of INR 360 million for FY23-24.