Infibeam Avenues Ltd has entered into a definitive agreement to acquire a 54% stake in Rediff.com India Ltd, as it expands into consumer-facing digital financial services as an aggregator.
This acquisition, which is internally funded, aims to leverage Rediff’s established internet presence, news platform, and enterprise email services, said Infibeam, in an exchange filing.
“I am delighted to pass on this iconic brand and its legacy into the capable hands of Mr Vishal Mehta, Infibeam Avenues. I strongly believe that the new avatar of Rediff under his leadership will further strengthen the company and accelerate business growth,” said Ajit Balakrishnan, Chairman & CEO of Rediff.com.
IIM-Calcutta alumnus Balakrishnan will continue to advise Rediff, which was established in 1996.
The acquisition aims to synergise Infibeam’s digital payment services, enterprise software platforms, and AI solutions with Rediff’s diverse services, which include cloud-based enterprise email storage and content distribution.
This integration is expected to enhance user engagement, unlock new revenue streams, provide valuable insights into user behaviour, and offer a fertile ground for cross-selling financial products such as loans, insurance, and investment products using artificial intelligence, said Infibeam.
“This majority stake signifies a pivotal step towards amplifying the company’s products and services
… The company expects to witness double-fold revenue growth with its entry into the financial
sector as an aggregator in coming quarters,” said Mehta.
