will enter the financial services sector as an aggregator
Gandhinagar, 2 August, 2024 – Leading AI-powered fintech company Infibeam Avenues Limited (“Infibeam” or “The Company” or “IAL”), (BSE: 539807; NSE: INFIBEAM) today announced that it has acquired Rediff, one of India's oldest and best-known internet businesses. has entered into a definitive agreement for 54 per cent stake in .com India Limited. Infibeam Avenues Ltd to Acquire Majority Stake in Rediff.com to Foray into Financial Services as an Aggregator.
The acquisition, funded through internal resources, represents an important milestone for InfiBim Avenues, marking the launch of its consumer-facing digital financial services as an aggregator backed by a mainstream news, cloud-based enterprise email storage and collaboration platform.
“I am delighted to entrust this iconic brand and its legacy to the capable hands of Mr. Vishal Mehta of Infibeam Avenues. I strongly believe that the new incarnation of Rediff under his leadership will further strengthen the company and accelerate business growth,” said Mr. Ajit Balakrishnan, Chairman and CEO, Rediff.com.
Rediff.com was founded in 1996 by Ajith Balakrishnan, an alumnus of IIM-Calcutta. Will continue to advise the company. Mr. Balakrishnan has also served as Chairman of the Board at IIM-Calcutta for almost a decade. “This deal leverages the synergy between Infibeam Avenues Limited's expertise in fintech and Rediff.com's iconic brand legacy. We are a digital finance aggregation, We are poised to strengthen our position as a leader in the dynamic field of cloud storage and content distribution. With this synergy, We are poised to unlock new dimensions of growth by redefining the essence of cloud and fintech engagement” Mr. Vishal Mehta, Chairman and Managing Director of M Infibeam Avenues Limited said.
IAL and Rediff.com Outline of transfer between: Currently, InfiBim Avenues provides Digital Payment Gateway (CCAvenue.) to various businesses and government organizations), Provides enterprise software platforms and AI solutions.
Rediff.com Cloud based enterprise email storage, Offers comprehensive digital platforms with content distribution and related commerce services. InfiBim its various digital payment services, The platform plans to integrate business offerings and AI solutions with Rediff.com's services, Where financial transactions and content consumption coexist creating a wider digital environment. This integration is expected to increase user engagement and open up new revenue streams.
Rediff has a significant user base and data assets and is the top 1 globally in traffic with over 55 million visitors per month.,000 sites ranked, J User Behavior, Provides valuable insight into preferences and spending patterns. Rediff.com's user base loan, Financial products like insurance and investment products provide great opportunities to cross-sell using artificial intelligence. RediffMONEY May use this platform to promote these services, Can increase product sales and offer lifetime value to the customer.
InfiBim Traders, Enterprise email to consumer financial services and content businesses – Rediff plans to diversify its portfolio offerings by integrating with Rediff.com's portfolio which will bring in new revenue streams for the company. This will also enhance footprints in the digital economy for the company supported by its regulatory capabilities.
Digital Payment Gateway Business CCAvenue Infibim has strong in-house regulatory compliance capabilities due to its decades of operating experience. Infibim has Payment Settlement Act, Reserve Bank of India has regulatory authorization to act as a payment aggregator under 2007 and its bill payment business Bill Avenue has received a permanent license from the RBI to act as a Bharat Bill Payment Operation Unit (BBPOU) under the Bharat Bill Payment System (BBPS).
Internationally the company's international subsidiary Infibeam Avenues Saudi Arabia, Became the first Indian fintech company to receive PTSP certification from the Saudi Arabian Monetary Authority (SAMA) to enable it to operate as a Payment Processor (PTSP) in the Kingdom of Saudi Arabia (KSA).
Leveraging Rediff.com's internal strengths and its organic traction in its news audience and 5,With its dominance of over 000 corporate email clients, Infibeam plans to expand its business growth in its products and service offerings in the domestic and international markets.
Mehta reiterated that “This majority stake represents an important step towards expanding the company's products and services. The company expects to see double revenue growth in the next quarter with its entry into the financial sector as an aggregator”.
Recently, Rediff has announced for the financial year 2023-24 Rs. 360 million in revenue.
