Infibeam Avenues plans to acquire a 54.1% stake in digital content and ecommerce marketplace Rediff.com for INR 25 Cr
The majority stake acquisition in Rediff.com marks Infibeam’s foray into the consumer facing digital financial services industry as an aggregator
As of March 31, 2024, Rediff.com had an annual turnover of INR 36.07 Cr
Payments infrastructure company Infibeam
Avenues has signed an agreement to acquire a 54.1% stake in digital content and ecommerce marketplace Rediff.com for INR 25 Cr.
“Infibeam Avenues Ltd has entered into a definitive agreement for a 54% stake in Rediff.com India Ltd,” the company said in an exchange filing on August 2 (Friday).
The majority stake acquisition in Rediff.com, expected to be finalised within the next three months, will mark Infibeam’s foray into the consumer-facing digital financial services industry as an aggregator, the filing added.
Founded in 1996 by Ajit Balakrishnan, Rediff.com is a Mumbai-based internet company that provides news and information, enterprise email services and an online digital marketplace. It is one of the oldest information companies from India.
As of March 31, 2024, it had an annual turnover of INR 36.07 Cr.
Infibeam plans to integrate its digital payment services, platform business offerings, and AI solutions with Rediff.com’s services. The move is expected to enhance user engagement and open new revenue streams for Infibeam.
Infibeam will tap into Rediff.com’s strong user base of more than 55 Mn monthly visitors for cross-selling financial products using AI such as loans, insurance, and investment products.
The fintech startup will leverage RediffMONEY to promote these services, increase product uptake and offer customer lifetime value.
The integration of Rediff.com’s suite of services, which include cloud-based enterprise email storage, instant messaging platform, consumer financial services and content businesses, will enable Infibeam to expand its product portfolio and strengthen its footprint in the digital economy.
Earlier today, Infibeam also declared its financial results for the June quarter. It posted a consolidated profit after tax of INR 50.4 Cr in Q1FY25, up 59% year-on-year.
