Fintech firm Infibeam Avenues Ltd. announced on Friday that it has entered into a definitive agreement to acquire a 54.1 per cent stake in internet business firm Rediff.com India Ltd.
“This internally funded acquisition marks a significant milestone for Infibeam Avenues, marking the beginning of its consumer-facing digital financial service as an aggregator backed by mainstream news, cloud-based enterprise email storage, and collaboration platform,” stated the company, which is headquartered in GIFT City in Gujarat.
The acquisition is worth ₹25 crore. Rediff.com India Ltd. was incorporated in January 1996 and currently has a turnover of ₹36 crore. It attracts approximately 38 million monthly visitors and ranks among the top 1,000 highest-traffic sites globally.
“This transaction harnesses the synergies between Infibeam Avenues’ fintech expertise and Rediff.com’s esteemed brand legacy. 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,” Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, stated.
Post investment, Rediff.com will become a subsidiary of Infibeam Avenues.
Meanwhile, the company reported a gross revenue of ₹752 crore, accompanied by a Profit After Tax (PAT) of ₹50.4 crore, in the first quarter of financial year 25. The first quarter’s net revenue increased by 20 per cent, and PAT grew by 59 per cent compared to the corresponding quarter of the previous financial year.
“We are pleased to report that our subsidiary in Saudi has been granted a Payment Technical Service Provider (PTSP) certification from the Saudi Central Bank (formerly Saudi Arabian Monetary Authority, SAMA). This certification allows Infibeam’s flagship payment platform, CCAvenue, to operate as a payment processor in the country. This makes Infibeam the first Indian fintech company to achieve such a milestone in Saudi Arabia, positioning CCAvenue as a major player in the digital payments market in Saudi Arabia,” said Vishwas Patel, Joint Managing Director of Infibeam Avenues Ltd.
