Infibeam Avenues, the parent of payment gateway CCAvenue, on Friday, said it will buy a 54% stake in Rediff.com, one of India’s oldest internet businesses, for Rs 25 crore ($2.9 million).
The acquisition marks the beginning of Infibeam Avenues’ consumer-facing digital financial service as an aggregator backed by mainstream news, cloud-based enterprise email storage, and collaboration platform.
“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 of Infibeam Avenues.
Ajit Balakrishnan, who started Rediff in 1996, will continue to advise the company. The company reported a turnover of Rs. 36.07 crore as of March 31, 2024.
The platform attracts about 38 million monthly visitors with over 5,000 companies utilising its services. It also offers an instant messaging platform as a part of its suite of business communication tools.
Infibeam Avenues would also provide an interest-bearing loan of a sum not exceeding Rs. 25 crore on an arm’s length basis. Infibeam plans to diversify its portfolio offering by synergizing with Rediff.com’s portfolio – enterprise email to merchants, consumer financial services and content businesses, opening up a new revenue stream.