Infibeam Avenues Ltd, the fintech company, has entered into a definitive agreement for a 54% stake in Rediff.com India Ltd, one of India’s oldest internet portal.
Said Ajit Balakrishnan, Chairman & CEO of Rediff.com: “I am delighted to pass on this iconic brand and its legacy into the capable hands of Mr. 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.” Balakrishnan will continue to advise the company.
Added Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd: “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.”