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Infibeam Avenues acquires majority stake in Rediff.com

Entrackr · 4m

Fintech company Infibeam Avenues has acquired 54% stake in Rediff.com India Ltd. This internally funded acquisition will align Infibeam Avenues to 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. According to Infibeam Avenues, the majority stake will signify a step towards amplifying the company’s products & services, and the company expects to witness double-fold revenue growth with its entry into the financial sector as an aggregator in coming quarters. Infibeam will harness the strengths of Rediff.com, along with its organic traction among its news audiences which has more than 5,000 corporate email clients and amplifies its business growth across its product and service offerings in both domestic and international markets. Launched in 1996 by Ajit Balakrishnan, Rediff.com provides diverse services including cloud based enterprise email storage, content distribution and related commerce services offering a broad digital platform. It claims to have a substantial user base & data assets and ranks amongst the top 1,000 sites globally in traffic with more than 55 million monthly visitors, providing valuable insights into user behavior, preferences, and spending patterns. The company’s user base offers cross-selling financial products using artificial intelligence such as loans, insurance, and investment products. Infibeam Avenues provides digital payment gateway (CCAvenue), enterprise software platforms, and AI solutions to various businesses and government entities. It also offers a digital banking suite for corporates and SMEs, money transfer solutions for banks and businesses, and correspondence banking services for unbanked individuals.