Infibeam acquires 54% stake of Rediff.com to foray into financial services

By Gloria Mathias

AI-powered FinTech company Infibeam Avenues has announced that it has entered into a definitive agreement for a 54% stake in Rediff.com India Ltd., one of India’s oldest internet businesses.

This internally funded acquisition marks a milestone for Infibeam Avenues, marking the beginning of its consumer-facing digital financial service as an aggregator backed by mainstream news, cloud-based enterprise email storage, and collaboration platforms.

“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 of Rediff.com. Rediff.com, established in 1996 by Ajit Balakrishnan, will continue to advise the Company.

“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 of Infibeam Avenues.

Currently, Infibeam Avenues provides digital payment gateway (CCAvenue), enterprise software platforms, and AI solutions to various businesses and government entities. Rediff.com, with its diverse services, including cloud-based enterprise email storage, content distribution and related commerce services, offers a broad digital platform.

Infibeam plans to synergise its various digital payment services, platform business offerings, and AI solutions with Rediff.com’s services, creating a comprehensive digital environment where financial transactions and content consumption coexist. This integration is expected to enhance user engagement and open new revenue streams.

Rediff.com’s user base offers fertile ground for cross-selling financial products using artificial intelligence, such as loans, insurance, and investment products. Infibeam plans to diversify its portfolio offering by synergizing with Rediff.com’s portfolio, which will open a new revenue stream for the company. This will also enhance its footprint in the digital economy, backed by its regulatory capabilities.