Rediff.com Appoints Vishal Mehta as CMD Following Majority Stake Acquisition by Infibeam Avenues

Mumbai, October 01, 2024 – Rediff.com, one of India’s pioneering internet companies, today announced the appointment of Mr. Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd’s acquisition of a majority stake in Rediff.com.

The board of directors at Rediff.com made the decision on Tuesday, officially appointing Mr. Mehta to succeed Mr. Ajit Balakrishnan, who has been at the helm since Rediff’s inception in 1996. The move underscores the board’s confidence in Mr. Mehta’s ability to guide the company through its next phase of growth and transformation.

With Mr. Vishal Mehta at the helm, Rediff.com is poised for a significant shift. In addition to his new role at Rediff, Mr. Mehta will continue to serve as Chairman and Managing Director of Infibeam Avenues Ltd. Mr. Balakrishnan, who played a pivotal role in establishing Rediff.com as a household name in India’s digital ecosystem, will ensure a seamless transition.

Commenting on Mr. Mehta’s appointment, Mr. Ajit Balakrishnan said, “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.”

Vishal Mehta, a graduate of the Massachusetts Institute of Technology (MIT) and Cornell University, brings a wealth of expertise in digital innovation and strategic business development. He is an ex-Amazon executive, who had worked at Amazon’s corporate headquarter, playing a pivotal role in advancing the company’s technology, and corporate development functions during his five year stint. After a decade in the United States, he returned to India in 2007 with a cohort of Amazon colleagues to found Infibeam, which has since grown into one of India’s largest fintech and payment infrastructure firm with its flagship brand CCAvenue. Infibeam processes over $86 billion in transactions annually, serving millions of merchants in India and globally.

Mehta’s appointment as Chairman and Managing Director of Rediff.com 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.

Expressing his gratitude, Mr. Vishal Mehta said, “I’m honored 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. Together, we will harness our synergies to deliver innovative solutions and greater value to our customers.”

Rediff.com, which attracts over 55 million monthly visits and ranks among the top 1,000 websites globally, holds valuable user data that Infibeam Avenues Ltd. aims to tap into. The extensive consumer base of more than 70 million registered users provides an opportunity to offer AI-powered financial products, including loans, insurance, and investment services, through Rediff’s platform. This initiative is expected to enhance customer engagement and increase lifetime value.

Infibeam’s expertise in regulatory compliance, particularly through its payment gateway business CCAvenue—which holds key authorisations from the Reserve Bank of India (RBI) and the Saudi Arabian Monetary Authority (SAMA)—will play a vital role in executing its growth strategy for Rediff.com.

On Tuesday, Infibeam Avenues Ltd, completed its acquisition of a 54.01% equity stake in Rediff.com, making Rediff a subsidiary. This acquisition marks a major milestone for both companies.

In FY 2023-24, Rediff.com reported revenues of Rs 360 million, reflecting high growth potential. Infibeam Avenues Ltd’s reported consolidated gross revenue stood at Rs 31,711 million, accompanied by Profit After Tax (PAT) at Rs 1478 million in FY23-24.