🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Rediff.com appoints Vishal Mehta as chairman and MD

EntrackrEntrackr · 9m ago
Rediff.com appoints Vishal Mehta as chairman and MD
Medial

Rediff.com has announced the appointment of Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd’s acquisition of a majority stake in Rediff.com. The board of directors at Rediff.com decided on Tuesday, officially appointing Mehta to succeed Ajit Balakrishnan, who has been at the helm since Rediff’s inception in 1996. Mehta will continue to serve as chairman and Managing Director of Infibeam Avenues. In August, 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. 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. Infibeam’s regulatory compliance expertise, particularly through its CCAvenue payment gateway with approvals from the RBI and SAMA, will be crucial for executing Rediff.com’s growth strategy.

Related News

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.

Infibeam’s Rediff.com secures NPCI license to offer UPI services

EntrackrEntrackr · 4m ago
Infibeam’s Rediff.com secures NPCI license to offer UPI services
Medial

Infibeam’s Rediff.com secures NPCI license to offer UPI services Infibeam Avenues announced that its subsidiary, Rediff.com, has received a Third-Party Application Provider (TPAP) license from the National Payments Corporation of India (NPCI) for its digital payment platform, RediffPay. According to the company, NPCI's official communication confirmed the approval, with Axis Bank serving as the Payment System Provider (PSP). This license enables RediffPay to offer Unified Payments Interface (UPI) services to its users, marking Infibeam Avenues' strategic entry into the consumer-facing digital payments sector. The company had previously applied for the TPAP license following its acquisition of a controlling stake in Rediff in 2024. In August 2024, Infibeam Avenues acquired a 54% stake in Rediff.com India to relaunch Rediff.com as a consumer-facing digital financial services aggregator. “We are thrilled that our subsidiary has received the TPAP license from NPCI, allowing us to extend UPI services through RediffPay. This milestone aligns with our vision to enhance financial inclusivity and offer seamless digital payment solutions to consumers across India,” said Vishal Mehta, Chairman and MD of Infibeam Avenues. RediffPay aims to leverage Rediff's substantial web traffic and Infibeam's fintech expertise to provide a user-friendly platform for secure and efficient digital transactions. The company plans to introduce a range of financial services, including credit and wealth management products, to cater to the diverse needs of its users. This development follows Infibeam Avenues' recent achievements, including receiving final authorization from the Reserve Bank of India to operate as a Payment Aggregator for its flagship payment gateway brand, CCAvenue. Infibeam’s revenue from operations spiked to Rs 1,070 crore in Q3 FY25 from Rs 907 crore in Q3 FY24. The company’s profit after tax rose 50% to Rs 64.4 crore during the period.

Infibeam Avenues to launch global agentic AI marketplace

EntrackrEntrackr · 2m ago
Infibeam Avenues to launch global agentic AI marketplace
Medial

Fintech platform Infibeam Avenues Ltd is preparing to launch a global marketplace focused on Agentic AI, according to PTI. The new platform, developed under its AI division Phronetic.AI, will allow users—ranging from enterprises to individual users—to build, buy, sell, and operate autonomous AI agents without coding. These AI agents are designed to perform various tasks across sectors such as finance, customer service, and logistics. The company aims to provide a no-code solution for task automation and workflow execution through this marketplace. Infibeam had previously acquired a 54.1% controlling stake in Rediff.com in 2023. The acquisition led to Infibeam founder Vishal Mehta being appointed chairman of Rediff. While initial plans included relaunching Rediff as a digital finance hub with services like RediffPay and RediffOne, the company has simultaneously been working on this Agentic AI platform. This move represents Infibeam’s re-entry into the marketplace space, with a focus on AI-driven applications. Vishal Mehta, an MIT and Cornell alumnus and former Amazon executive, is leading the initiative. Infibeam had earlier shifted its focus from e-commerce to fintech, with CCAvenue growing into one of India’s largest payment gateway platforms. The Agentic AI marketplace is expected to be launched soon.

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.

IPO-bound Swiggy appoints Suparna Mitra as an independent director

EntrackrEntrackr · 1y ago
IPO-bound Swiggy appoints Suparna Mitra as an independent director
Medial

Swiggy has announced the appointment of Suparna Mitra as an independent director to its board. The move comes at a time when the Prosus-backed foodtech company is readying itself for public listing. Mitra, who was the CEO of Titan Company Limited’s Watches and Wearables Division, brings over 30 years of experience in lifestyle and retail. Mitra has joined Swiggy’s distinguished list of independent directors that includes Anand Kripalu, MD & Global CEO at EPL Limited and Chairperson of the Swiggy board, Shailesh Haribhakti, chairman of Shailesh Haribhakti & Associates, and Sahil Barua, MD and CEO at Delhivery. Swiggy has seen a few key executives’ departures at the management of late. Some of the notable executives who have left the firm since April last year are Karan Arora (VP and head of supply chain management), Nishad Kenkre (VP and head of revenue and growth at Instamart), Ashish Lingamneni (VP and head of brand and product marketing), Dale Vaz, chief technology officer, and senior VP Karthik Gurumurthy. Meanwhile, it has also announced new appointments such as Ashwath Swaminathan as its chief growth & marketing officer and Anirban Roy and Dipak Krishnamani as VP of Growth and VP of Swiggy Mall, respectively. As mentioned above, the foodtech firm is in the process to file its IPO papers soon. According to Entrackr‘s exclusive report, Swiggy booked Rs 5,476 crore in revenue from operations during the first three quarters of financial year FY23. The company recorded $200 million (approximately Rs 1,600 crore) loss for the nine months.

Download the medial app to read full posts, comements and news.