Fintech Player Infibeam Avenues Picks Up a 54% Stake in News Website Rediff The strategic move marks Infibeam's entry into consumer-facing digital financial service as an aggregator backed by a news, cloud-based enterprise email storage, and collaboration platform
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Gujarat-based fintech player Infibeam Avenues has entered an agreement for a 54 stake in Rediff.com India.
In a filing with the BSE, Infibeam shared it would invest around INR 50 crore in the news website, split equally between equity and debt. The deal is expected to close within 90 days.
"I am delighted to pass on this iconic brand and its legacy into the capable hands of 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, Rediff.com.
The strategic move marks Infibeam's entry into consumer-facing digital financial service as an aggregator backed by a news, cloud-based enterprise email storage, and collaboration platform.
"This transaction harnesses the synergies between Infibeam Avenues' fintech expertise and Rediff.com's esteemed brand legacy. We are poised to cement our position as a leader in the dynamic landscape of digital finance aggregation, cloud storage and content distribution. With this synergy, we are poised to unlock new dimensions of growth, redefining the essence of cloud and fintech engagement," said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues.
Rediff ranks amongst the top 1000 sites globally with more than 55 million monthly visitors and reported a revenue of INR 360 Million in FY23-24.
For Q1FY25, the Mehta-led company reported a Profit after Tax of INR 504 million, seeing a y-o-y rise of 59 per cent.
