Mumbai-based digital media company Rediff.com has appointed Vishal Mehta as its new Chairman and Managing Director (CMD).
The appointment comes after specializing in financial technology. Infibeam Avenues announced the acquisition of Rediff.com India Ltd.
Mehta will succeed Ajit Balakrishnan, who founded the company in 1996. Rediff’s board of directors made the decision, marking a new era for the company under Mehta’s leadership.
The strategic acquisition of Infibeam
On Tuesday, Infibeam Avenues Ltd completed the acquisition of a 54.01% stake in Rediff.com, making it a subsidiary. The acquisition is expected to reshape Rediff’s future as Infibeam aims to leverage Rediff’s digital platform to expand into financial services.
With more than 55 million monthly visits and a significant user base, Rediff is positioned as a valuable digital asset with strong growth potential.
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Vishal Mehta’s leadership and vision
Vishal Mehta, who will continue to serve as Chairman and CEO of Infibeam Avenues Ltd, brings extensive experience in technology and digital business development. Mehta graduated from the Massachusetts Institute of Technology (MIT) and Cornell University.
He previously worked at Amazon, where he played a key role in technology and corporate development initiatives. In 2007, he returned to India to found Infibeam, which has become one of the largest fintech companies in India.
Commenting on his new role, Mehta said, “The integration of Rediff into the Infibeam ecosystem marks an important milestone in our growth strategy. Together, we will leverage our synergies to deliver innovative solutions and greater value to our customers.”
Ajit Balakrishnan’s continuing role
Ajit Balakrishnan, founder of Rediff.com, will remain with the company as chairman emeritus.
“I am confident that the best is yet to come and under Vishal’s leadership, Rediff.com will certainly venture into new areas of growth and innovation,” he said.
Rediff.com’s new leadership under Mehta is expected to focus on expanding its offering in the digital financial services sector. Infibeam plans to use Rediff’s extensive user data to introduce AI-powered financial products such as loans, insurance, and investment services.
In FY 2023-24, Rediff.com reported revenue of Rs 360 million, while Infibeam Avenues Ltd reported consolidated revenue of Rs 31,711 million, with profit after tax (PAT) of Rs 1,478 million.
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