Rediff.com, the news website that was acquired by payments solution provider Infibeam Avenues, on Tuesday announced the appointment of Vishal Mehta as its new chairman and managing director.
He succeeds Ajit Balakrishnan, who was the chairman and chief executive officer (CEO) since 1996.
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Mehta is also the chairman and managing director at Infibeam Avenues.
“Mehta’s appointment… will steer Rediff.com into new areas of growth, particularly in consumer-facing digital payments and financial services. His leadership is expected to bring strategic focus and innovation as Rediff seeks to capitalise on evolving market dynamics,” the company said in a statement.
The Gandhinagar-based fintech major, which operates payment gateway CCAvenue, has acquired a 54.01 per cent equity stake in the digital website for Rs 50 crore, divided equally into equity and debt.
Rediff has about 55 million monthly visitors on its website, and over 5,000 companies use its email services.
“I am confident that the best is yet to come, and under Vishal’s leadership Rediff.com will undoubtedly drive into new realms of growth and innovation,” Balakrishnan said in a statement.
The acquisition will offer Infibeam Avenues insights into user behaviour, preferences, and spending patterns, allowing the fintech firm opportunities to cross-sell financial services such as loans, insurance, and investment products, Business Standard reported in August.
“I’m honoured to lead Rediff.com, a company that aligns seamlessly with Infibeam Avenues’ culture and operational strengths. Integrating Rediff into the Infibeam ecosystem marks an important milestone in our growth strategy,” Mehta said.
In the financial year 2024 (FY24), Rediff.com reported revenues of Rs 36 crore.
Infibeam Avenues reported consolidated gross revenue of Rs 3,171 crore with a profit after tax (PAT) pegged at Rs 147.8 crore in FY24.
First Published: Oct 01 2024 | 6:19 PM IST
