Infibeam aims to create a common ecosystem for payments, e-commerce, cloud services, and content consumption through this acquisition.
Additionally, it plans to leverage RediffMoney's platform for cross-selling credit, insurance, and investment products to its users.
Infibeam plans to diversity its portfolio offering by synergizing with Rediff.com's portfolio - enterprise email to merchants, consumer financial services and content businesses, which will open up new revenue stream for the company.
To recall, in February this year, Infibeam acquired 20% strategic stake in XDuce, a renowned enterprise Application and AI development company based in the United States. Last year in December, Infibeam acquired 49% equity stake in Pirimid Fintech, investing Rs 25 crore in the company. In February 2023, Infibeam Avenues also acquired an additional 2.42% stake in Instant Global Paytech Pvt Ltd for INR 162.5 million. Instant Global reported revenue of INR 691.3 million as of March 31, 2022.
Infibeam Avenues has made a total of eight investments in various companies, including Vishko22 Products & Services and Fable Fintech. Additionally, it has acquired five companies, including Uvik Technologies and So Hum Bharat Digital Payments.
About Rediff.com, it was founded by Ajit Balakrishnan in 1996 and holds a significant place in India's internet landscape. It emerged during a time when internet access in India was nascent, with only 18,000 users. It became one of the earliest Indian web portals and email providers.
Early products from Rediff.com included Rediffmail, an email service, and Rediff Shopping, an online marketplace for electronics and peripherals.
As a pioneer, Rediff.com was the first Indian website to transition into a mainstream news media organization. It rode the initial dot-com wave, offering services such as email, news, and e-commerce.
In April 2016, the company decided to delist from NASDAQ, citing high reporting costs.
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