Infibeam Avenues to Acquire Majority Stake in Rediff

• Infibeam Avenues has signed a definitive agreement to acquire a 54.1% stake in Rediff India for Rs 25 crore, aiming to diversify its offerings and increase user engagement.
• Rediff, which attracts about 38 million monthly visitors, reported a turnover of Rs 36.07 crore as of March 31, 2024, and offers cloud-based enterprise email storage, instant messaging, and content distribution services.
• The acquisition will enable Infibeam to leverage Rediff’s user base for cross-selling financial products using AI, such as loans, insurance, and investment products.
• Ajit Balakrishnan, chairman & CEO of Rediff, will continue as an advisor, while Vishal Mehta of Infibeam Avenues aims to strengthen the company’s position in digital finance aggregation and cloud services.
• Infibeam reported a 2.76x increase in consolidated net profit to Rs 69.6 crore in Q1FY25, with revenue from operations rising 1.4% to Rs 752.7 crore and a 67% YoY increase in Transaction Payments Volume.

Source: Moneycontrol