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Gujarat-based fintech company Infibeam Avenues has struck a deal worth about Rs 50 crore to acquire a 54 percent stake in Rediff, one of the oldest internet firms in the country.
Infibeam Avenues is known for its digital payment gateway CCAvenue and AI solutions. With the internally funded acquisition, the fintech will foray into digital financial services as an aggregator backed by mainstream news, cloud-based enterprise email storage, and collaboration platform, the company said in a BSE filing on Friday.
It said that the company aims to create a platform where financial transactions, ecommerce, cloud services, and content consumption coexist, and open new revenue streams.
Rediff.com, founded in 1996 by Ajit Balakrishnan, boasts of over 55 million monthly visitors, according to the company statement. It currently offers content, email and enterprise services and is likely to provide Infibeam insights into consumer behavior, preferences, and spending patterns that will aid its cross-selling operations.
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