SUMMARY
- Vishal Mehta appointed Chairman and MD of Rediff.com after Infibeam’s acquisition.
- Rediff.com reported Rs 360 million in revenues for FY 2023-24.
- Infibeam’s fintech expertise and regulatory compliance will drive Rediff’s future growth.
Rediff.com, one of India’s pioneering internet companies, has appointed Vishal Mehta as its new Chairman and Managing Director following the recent acquisition by Infibeam Avenues, a leading fintech company. This strategic move comes after Infibeam completed the acquisition of a 54.01% equity stake, making Rediff.com a subsidiary of Infibeam.
Mehta succeeds Ajit Balakrishnan, the co-founder and former CEO of Rediff, who had been leading the company since its inception in 1996. Mehta will continue his current role as Chairman and Managing Director of Infibeam Avenues in addition to his responsibilities at Rediff.com.
Mehta expressed his enthusiasm for the new role, stating, “Integrating Rediff into the Infibeam ecosystem marks a significant milestone in our growth strategy. Together, we aim to harness synergies to deliver innovative solutions and more value to our customers.”
Balakrishnan, reflecting on his journey, said, “Under Vishal’s leadership, Rediff.com is poised to explore new realms of growth and innovation. The best is yet to come.”
Rediff.com reported revenues of Rs 360 million for FY 2023-24, while Infibeam Avenues registered consolidated gross revenues of Rs 31,711 million, with a Profit After Tax (PAT) of Rs 1,478 million for the same fiscal year.
Rediff.com, founded in 1996 and headquartered in Mumbai, claims to attract over 55 million monthly visits. With this user data, Infibeam aims to capitalize on new business opportunities. Infibeam’s regulatory expertise, particularly through its payment gateway business CCAvenue, which holds key authorizations from both the Reserve Bank of India (RBI) and the Saudi Arabian Monetary Authority (SAMA), will play a pivotal role in expanding Rediff’s growth strategy.
Mehta, an alumnus of MIT and Cornell University, has extensive experience in the technology sector. He returned to India in 2007 after a decade in the U.S., where he was an Amazon executive before co-founding Infibeam.
