 "Infibeam Avenues")
This acquisition is expected to improve user engagement on the platform and open new revenue streams
Fintech major Infibeam Avenues, which operates payment gateway CCAvenue, on Friday announced that the company will acquire a 54 per cent stake in the news website Rediff.com India as it plans to expand its consumer-facing digital financial services as an aggregator.
With the acquisition of the stake in Rediff, valued at about Rs 25 crore, the firm plans to expand its payment aggregator business backed by the news website’s cloud-based enterprise email storage and collaboration platform.
Infibeam plans to combine its digital payment services, platform business offerings, and artificial intelligence solutions with Rediff.com’s services.
This would enable the company to create a digital environment that involves financial transactions and content consumption.
It is expected to improve user engagement on the platform and open new revenue streams.
“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, Infibeam Avenues.
Rediff has about 55 million monthly visitors on its website, offering Infibeam Avenues insights into user behaviour, preferences, and spending patterns, allowing the Gandhinagar-based fintech firm opportunities to cross-sell financial services such as loans, insurance, and investment products.
“I am delighted to pass on this iconic brand and its legacy into the capable hands of 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,” said Ajit Balakrishnan, chairman and chief executive officer, Rediff.com.
RediffMONEY can use the platform to promote these services, increasing product uptake and offering customer lifetime value, the firm said in a statement.
First Published: Aug 02 2024 | 3:36 PM IST
