AI-powered fintech Infibeam Avenues has announced that it has acquired a 54% stake in online content and e-commerce marketplace Rediff.com for Rs 25 crore. Following the declaration, the company’s shares jumped 8.4% and traded at Rs 33.6 on the BSE on Friday.
The Ahmedabad-based fintech said in an exchange filing on Friday, August 2, “This internally funded acquisition marks a significant milestone for Infibeam Avenues, marking the beginning of its consumer-facing digital financial service as an aggregator backed by a mainstream news, cloud-based enterprise email storage, and collaboration platform.”
Infibeam Avenues’ Chairman and Managing Director, Vishal Mehta remarked on the acquisition, “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.”
Nasdaq-listed Rediff.com India Ltd is one of the oldest and most prominent online businesses in the country. It was founded by IIM Calcutta alumni Ajit Balakrishnan in 1996 and is a renowned news, entertainment, information, and shopping website. The Chairman & CEO Balakrishnan affirmed his belief in Mehta’s leadership and ability to drive the company’s growth.
Founded in 2007 by Vishal Mehta and Vishwas Patel, Infibeam Avenues offers digital payment gateway through CCAvenue, enterprise software platforms, and AI solutions to businesses.
