Friday, 2 August 2024, Bengaluru, India
Rediff.com is a cloud-based enterprise email storage and business platform that sold 54 percent of its stake to the fintech firm Infibeam Venue. The company acquired the majority of the stake in the startup for an undisclosed amount. The shares of Infibeam increased by 8.4 percent to Rs 33.6 per share on the BSE, following the announcement of its acquisition. Entrackr reported.
This deal will enable Infibeam Avenue to begin its consumer-facing digital financial services as it will have the mainstream news, and business platform as its backer. This acquisition will allow the firm to expand its products and services. The fintech startup expects its revenue growth to have a two-fold increase following its entry into the financial sector as an aggregation in upcoming years. This acquisition will benefit the startup and enable Infibeam to scale its operations, advance its technologies, and strengthen its position in the fintech market. This deal will help the company integrate its technologies and workforce while harnessing the strengths of Rediff.com and gaining organic traction among audiences. Rediff.com India has more than 5,000 corporate email clients and helps businesses grow across its services and product offerings in India and the global market.
Rediff provides several services including content distribution, news, and other commercial services via its digital platform. The company claims to have a huge customer base and data asset plans while ranking among the top 1000 sites with global traffic of more than 55 million monthly visitors. This enables the company to have valuable insights into user behavior, spending areas, and preferences. The platform uses this data to offer cross-selling financial products using artificial intelligence such as insurance, and loans. The deal for acquiring this startup is a part of the company’s overall growth strategy.
The company plans to expand its network after acquiring a majority stake in this e-commerce company. The merging will help the company integrate technology and clients from both companies. Infibeam provides a digital payment platform, enterprise software platform, and AI solutions to businesses and government entities. The fintech company previously collaborated with EDII to promote Artificial Intelligence technologies among startups, SMEs, and MSMEs. The collaboration was to help startups adapt to the changing landscape and compete in the digital world. Infibeam Avenue aims to increase its market presence through this deal.
Conclusion:
Fintech company Infibeam Avenue acquired the majority stake in Rediff.com for an undisclosed amount. The fintech firm saw an 8 percent increase in its stakes following this announcement of the company buying a 54 percent stake in Rediff. This investment will enable Infibeam to scale its operations, merge its technologies, and strengthen its position in the fintech sector. This acquisition will help the company to increase its client base and access the services of Rediff.com India. This acquisition is a part of Infibeam’s overall growth strategy. This acquisition will help the firm to expand its services and solidify its brand presence in the fintech market.
Disclaimer – We have collected this information from various trustworthy sources on the Internet, and the facts have been checked manually and verified by our In House team.
