For its foray into financial services as an aggregator
Infibeam Avenues announced that it has entered into a definitive agreement for a 54% stake in Rediff.com India, one of India's oldest and most renowned internet businesses. This internally funded acquisition marks a significant milestone for Infibeam Avenues, marking the beginning of its consumer facing digital financial service as an aggregator backed by a mainstream news, cloud based enterprise email storage, and collaboration platform.Currently, Infibeam Avenues provides digital payment gateway (CCAvenue), enterprise software platforms, and AI solutions to various businesses and government entities.
Rediff.com, with its diverse services including cloud based enterprise email storage, content distribution and related commerce services offering a broad digital platforms. Infibeam plans to synergize its various digital payment services, platform business offerings, and AI solutions with Rediff.com's services, creating a comprehensive digital environment where financial transactions and content consumption coexist. This integration is expected to enhance user engagement and open new revenue streams.
Rediff has a substantial user base and data assets and ranks amongst the top 1000 sites globally in traffic with more than 55 million monthly visitors, providing valuable insights into user behaviour, preferences, and spending patterns. Rediff.com's user base offers fertile ground for cross-selling financial products using artificial intelligence such as loans, insurance, and investment products. RediffMONEY can use the platform to promote these services, increasing product uptake and offer customer lifetime value.
Infibeam plans to diversity its portfolio offering by synergizing with Rediff.com's portfolio - enterprise email to merchants, consumer financial services and content businesses, which will open up new revenue stream for the company. This will also enhance footprint in the digital economy for the company, backed by its regulatory capabilities.
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