Fintech Infibeam Avenues to acquire controlling stake in Rediff.com | Company News
This acquisition is expected to improve user engagement on the platform and open new revenue streams
Payments solution provider Infibeam Avenues on Friday announced that it will acquire 54 per cent stake in news website Rediff.com India, as the company plans to expand its consumer facing business.
The Gandhinagar-based fintech major, which operates payment gateway CCAvenue, will acquire the stake for an amount not exceeding Rs 25 crore.
With this acquisition, the firm plans to expand its payment aggregator business backed by the news website’s cloud based enterprise email storage, and collaboration platform.
Infibeam plans to combine its digital payment services, platform business offerings, and artificial intelligence solutions with Rediff.com’s services. This would enable the company to create a digital environment that involves financial transactions and content consumption.
It is expected to improve user enhancement on the platform and open new revenue streams.
“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,” said Vishal Mehta, Chairman and Managing Director, Infibeam Avenues.
Rediff has about 55 million monthly visitors on its website, and offers Infibeam Avenues insights into user behaviour, preferences, and spending patterns, allowing the fintech firm opportunities to cross-sell financial services such as loans, insurance and investment products.
“I am delighted to pass on this iconic brand and its legacy into the capable hands of Vishal Mehta, Infibeam Avenues. I strongly believe that the new avatar of Rediff under his leadership will further strengthen the company and accelerate business growth,” said Ajit Balakrishnan, Chairman and CEO, Rediff.com.
First Published: Aug 02 2024 | 3:36 PM IST
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