Rediff.com Welcomes Vishal Mehta as New Chairman After Infibeam Acquisition

Rediff.com, one of India’s earliest internet companies, has appointed Vishal Mehta as its new Chairman and Managing Director, following its acquisition by Infibeam Avenues, a prominent fintech firm. Infibeam Avenues now holds a 54.01% equity stake in Rediff.com, effectively making the company its subsidiary.

Mehta, who is also the Chairman and Managing Director of Infibeam Avenues, takes over from Ajit Balakrishnan, Rediff’s co-founder and former CEO, who had been at the helm since the company’s inception in 1996. Mehta expressed his excitement about the new role, saying, “Integrating Rediff into the Infibeam ecosystem is a pivotal moment in our growth journey. We aim to deliver innovative solutions and greater value to our customers by leveraging the strengths of both companies.”

Balakrishnan, reflecting on his tenure, remarked, “Vishal’s leadership will steer Rediff.com into a new era of growth and innovation.”

Rediff.com reported revenues of Rs 360 million for FY 2023-24, while Infibeam Avenues registered consolidated gross revenues of Rs 31,711 million, with a Profit After Tax (PAT) of Rs 1,478 million. With over 55 million monthly visits, Rediff.com’s large user base provides Infibeam with significant opportunities for expansion.

Infibeam Avenues, known for its regulatory expertise through its payment gateway business CCAvenue, will help drive Rediff’s future growth, utilizing its authorizations from both the Reserve Bank of India (RBI) and the Saudi Arabian Monetary Authority (SAMA).

Vishal Mehta, an MIT and Cornell alumnus, brings with him extensive experience in technology, having worked at Amazon before co-founding Infibeam after returning to India in 2007.

Key Highlights:

1. Vishal Mehta has been appointed Chairman and Managing Director of Rediff.com after Infibeam Avenues’ acquisition of a 54.01% stake.
2. Ajit Balakrishnan, Rediff’s co-founder, steps down after leading the company since 1996, passing the leadership to Mehta.
3. Rediff.com aims to leverage Infibeam’s regulatory expertise and Mehta’s leadership to drive growth and innovation in the digital and fintech space.