Funds infrastructure firm Infibeam Avenues has acquired a majority 54% stake in Rediff.com for as much as $3 million, a dramatic flip of fortune for the 28-year-old firm that was the primary Indian web firm to record on Nasdaq in 2000.
Based in 1996, Rediff rode the early dot-com increase to develop into certainly one of India’s main Net portals, providing e mail, information and e-commerce providers. At its peak, Rediff was valued at greater than $600 million on the Nasdaq inventory alternate. In line with brokerage Jefferies, Rediff generated probably the most site visitors in India, climbing to no less than twelfth place.
The corporate struggled to adapt to the evolving digital surroundings within the 2000s and 2010s. With the rise of social media platforms and specialised e-commerce websites, Rediff’s broad portal mannequin turned more and more outdated. Regardless of makes an attempt to diversify its providing, it was unable to compete successfully with extra agile rivals and was finally delisted from NASDAQ.
Infibeam stated on Friday that Rediff nonetheless receives greater than 55 million month-to-month visits, and the corporate plans to leverage Rediff’s person base to cross-sell monetary merchandise reminiscent of loans, insurance coverage and funding recommendation.
Rediff reported income of $4 million for the March quarter.
