A payments infrastructure business called
Infibeam Avenues will acquire most of Rediff.
3/8/2024,
Former SBI Pension Funds MD and CEO Narayanan Sadanandan has become an independent director on the board of the payments infrastructure company.
The acquisition of 54.1 per cent of Rediff India, an internet company, by payments infrastructure startup Infibeam Avenues, has reached a binding agreement.
By increasing user engagement and diversifying its capabilities, Infibeam, which presently provides software and payment gateway services to businesses, would be able to do so through the internally funded cash acquisition of Rs 25 crore.
This includes Rediff’s instant messaging service, content distribution, cloud-based enterprise email storage, and associated e-commerce services for customers and businesses.
It stated that “Currently, over 5,000 businesses make use of its mail service.”
Infibeam has to provide data insights on user behaviour, preferences, and spending patterns to facilitate cross-selling of financial goods.
Rediff’s user base creates a rich environment for cross-selling financial products such as investment products, insurance, and loans through the use of artificial intelligence.
Rediff Money asserted that it can increase product adoption and client lifetime value by promoting these services on the website.
Rediff’s chairman and CEO, Ajit Balakrishnan, will keep giving the company advice.
It gives me great pleasure to pass on this venerable brand and its heritage to Vishal Mehta (Infibeam Avenues).
Without a doubt, Rediff will strengthen and accelerate its growth with its new look under his guidance.
Additionally, Mehta, the chairman and managing director of Infibeam Avenues, said, “We are poised to cement our position as a leader in the dynamic landscape of digital finance aggregation, cloud storage, and content distribution.”
Together, we can reimagine the fundamentals of cloud and fintech engagement and create new avenues for corporate growth.
On August 2, Infibeam reported that the June quarter’s (Q1FY25) consolidated net profit increased 2.76 times from Rs 25.4 crore during the same period the previous year to Rs 69.6 crore.
In the same quarter as the previous year, operating revenue increased by 1.4% to Rs 752.7 crore from Rs 742.3 crore.
The Transaction Payments Volume (TPV) reached Rs 1.97 lakh crore during the aforementioned quarter, up 67% year over year. During this time, there were 2,550 new merchant additions on average every day. According to the study, the company has over 1 crore merchant accounts by the end of FY24.
In addition, the business appointed independent director Narayanan Sadanandan, the former MD and CEO of SBI Pension Funds, to the board.
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