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Infibeam Avenues acquires majority stake in Rediff.com

EntrackrEntrackr · 11m ago
Infibeam Avenues acquires majority stake in Rediff.com
Medial

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.

Exclusive: Infibeam entering UPI payments with new app RediffPay

EntrackrEntrackr · 9m ago
Exclusive: Infibeam entering UPI payments with new app RediffPay
Medial

Infibeam Avenues Limited is planning to enter the unified payments interface (UPI) market with its new payment app, RediffPay, sources aware of the development told Entrackr. This move would position Infibeam Avenues among well-established competitors like PhonePe, Paytm, Google Pay, and MobiKwik in the UPI space. Last month, Infibeam Avenues acquired 54% stake in Rediff.com India, signaling plans to relaunch Rediff.com in its new avatar as a consumer-facing digital financial services aggregator. “Infibeam aims to extend beyond UPI payments with inclusion of insurance, lending, stock trading, and wealth management,” said a source requesting anonymity. In April 2024, Finance Minister Nirmala Sitharaman highlighted that India registered 131 billion UPI transactions worth Rs 200 trillion in FY24. According to a source, Infibeam plans to leverage Rediff’s established user base and brand recognition, combined with its own expertise in digital payments, to drive the growth of its UPI offering. For context, Rediff claims 55 million monthly visits and over 70 million registered email users. Last year, Infibeam acquired a 49% stake in Pirimid Technologies, a capital market trading software provider. The company is working on integrating this capability into its digital payments platform for its domestic and international clients, with RediffPay expected to play a key role in supporting this initiative, as per sources. “Unlike other UPI players who had to start from scratch, Rediff’s existing customer base of millions will give it a significant advantage, coupled with CCAvenue’s strong presence in B2B payments,” said another source. The source added that Rediff’s substantial customer base is expected to provide the app with a ready user base. This foray will also mark Infibeam’s first major foray into the B2C segment, with a focus on consumer payments. Through RediffPay, the company will offer UPI services alongside other financial solutions, including credit on UPI and bill payments. Queries sent to Infibeam and Rediff didn’t elicit any responses till this story went to the press. Infibeam is also developing comprehensive payment technology focused on enhanced transaction security, which could give Rediffpay an edge over competitors. This aligns with Infibeam’s investment in AI through Phronetic.AI. In January, Infibeam roped in Rajesh Kumar SA as the chief executive officer (CEO) of the artificial intelligence business. Currently, PhonePe controls 48% market share by volume in UPI followed by Google Pay and Paytm with 37.3% and 7.21% shares, respectively. While CRED emerged as the fourth largest player in terms of UPI transactions, several new players such as Flipkart, NAVI and BharatPe have also entered the consumer facing payments market.

Infibeam Avenue reports 43% growth in PAT in Q1 FY25

EntrackrEntrackr · 11m ago
Infibeam Avenue reports 43% growth in PAT in Q1 FY25
Medial

Fintech firm Infibeam Avenues on Friday released its financial results for the first quarter of the ongoing fiscal year (Q1 FY25). The company witnessed a 3.6% increase in gross revenue whereas its profit spiked 43% growth during the quarter ending June 2025. Infibeam Avenues’s gross revenue grew to Rs 753 crore in Q1 FY25 from Rs 727 crore in Q4 FY24, according to the company’s unaudited consolidated quarterly report filed with the National Stock Exchange. The payment business formed 93.6% of the total revenue which stood at Rs 705 crore in Q1 FY25 while the income from providing customized e-commerce solutions brought Rs 39.3 crore to its coffers. Infibeam claims to have over 10 million merchants, with an average daily addition of more than 2,550 merchants in Q1 FY25. At the end, its other operating and financial income pushed Infibeam Avenues’ overall revenue to Rs 781 crore in Q1 FY25 from Rs 743 crore in Q4 FY24. On the cost front, the operating expenses (including payment processing cost) formed 90% of the overall expenditure. This cost remained flat at Rs 634 crore in Q1 FY25. The firm’s spending on employee benefits, legal, and other overheads took its overall cost up by 3.5% to Rs 703 crore in Q1 FY25 from Rs 679 crore in Q4 FY24. The increase in other income and consistent growth in scale helped Infibeam to register a 42.9% spike in its profits to Rs 70 crore in Q1 FY25 from Rs 49 crore in Q4 FY24. On a unit level, The Ahmedabad-based company spent Rs 0.93 to earn rupee in Q1 FY25. The company also acquired a majority stake (54%) in Rediff.com. The acquired company will become a subsidiary of Infibeam Avenue. “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 MD of Infibeam Avenues. Infibeam Avenue is currently trading at Rs 32.42 (as of 03.00 PM) and its total market capitalization stood at Rs 9,019 crore or $1.1 billion.

India's Infibeam Avenues buys 20% stake in US-based AI startup XDuce for $10 million

IndianStartupNewsIndianStartupNews · 1y ago
India's Infibeam Avenues buys 20% stake in US-based AI startup XDuce for $10 million
Medial

Infibeam Avenues, an AI-powered fintech company, has acquired a 20% stake in XDuce, an enterprise application and AI development company, for $10 million. XDuce is based in the US and serves high-profile clients in the finance and insurance sectors. The acquisition will allow Infibeam Avenues to tap into XDuce's network to expand its Phronetic AI Solutions and CCAvenue Payments business in the US. The integration will enhance XDuce's solutions by leveraging Infibeam Avenues' PhroneticAI capabilities, particularly in fraud detection and risk identification. The investment will also support Infibeam's goal of growing its international business to 30% of total revenue in the next few years.

Rediff.com Appoints Vishal Mehta as Chairman and Managing Director Following Majority Stake Acquisition by Infibeam Avenues Ltd.

VCCircleVCCircle · 9m ago
Rediff.com Appoints Vishal Mehta as Chairman and Managing Director Following Majority Stake Acquisition by Infibeam Avenues Ltd.
Medial

- Vishal Mehta appointed as Chairman and Managing Director of Rediff.com after Infibeam Avenues Ltd's majority stake acquisition. - Mr. Mehta will also continue to serve as Chairman and MD of Infibeam Avenues Ltd. - Ajit Balakrishnan, previous Rediff.com MD, expresses confidence in Mehta's ability to drive growth and innovation. - Mehta brings expertise in digital innovation and strategic business development, having worked at Amazon and founded Infibeam. - Rediff.com aims to tap into its extensive consumer base to offer AI-powered financial products, leveraging Infibeam's regulatory compliance expertise. - Infibeam Avenues' acquisition of a majority stake in Rediff.com marks a significant milestone for both companies.

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