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- 📝 Rediff sells majority stake
📝 Rediff sells majority stake
Liam Gill
August 05, 2024
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News of the Day
Payments infrastructure firm Infibeam Avenues has acquired a 54% stake in Rediff.com for up to $3 million, marking a dramatic turn for the 28-year-old company that was the first Indian internet firm to list on Nasdaq in 2000. Founded in 1996, Rediff once thrived as a leading Indian web portal, offering email, news, and e-commerce services, and was valued at over $600 million at its peak. However, it struggled to adapt to the changing digital landscape, losing ground to social media platforms and specialized e-commerce sites, and eventually delisted from Nasdaq. Infibeam plans to leverage Rediff’s substantial monthly traffic of over 55 million visits to cross-sell financial products such as loans, insurance, and investment advisory services. Rediff reported $4 million in revenue for the fiscal year ending March 2023.
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11:00 PM • Aug 1, 2024
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