Infibeam Avenues to acquire majority stake in Rediff.com for Rs 25 crore

Payments infrastructure company Infibeam Avenues has signed a definitive agreement to acquire a 54.1% stake in Mumbai-based news website Rediff.com for Rs 25 crore. The acquisition, expected to be completed within the next three months, marks Infibeam's entry into the consumer-facing digital financial services industry as an aggregator.

The Nasdaq-listed Rediff.com is one of India's oldest and most established information companies. The website, founded in 1996 by Ajit Balakrishnan, is a pioneering internet company that offers news and information, enterprise email services, and an online digital marketplace. 

The acquisition will enable Infibeam Avenues to expand its offerings and strengthen its position in the digital financial services space.