54% of Rediff will be acquired by Infibeam Avenues.
Overview
The payment company also announced a strong increase in net profit, with the business’s overall take rate rising to 11 basis points from about 8 basis points earlier.
One of India’s oldest internet companies, Rediff, has agreed to sell a 54% share to Infibeam Avenues, a fintech startup based in Gujarat.
Infibeam stated that it invested about Rs 50 crore in Rediff, divided evenly between loan and equity, in a filing submitted to the BSE on Friday. As compensation, Infibeam will receive a 54% stake in the company.
The payment company stated that it hopes to complete the transaction in ninety days.
By the acquisition, Infibeam stated that it hopes to establish a shared ecosystem for cloud services, payments, e-commerce, and content consumption. In the long run, it hopes to use the RediffMoney platform to cross-sell its users investment, insurance, and credit products. Approximately 38 million people visit Rediff’s website each month.
Rediff recorded an annual turnover of Rs 36 crore at the end of FY24. Ajit Balakrishnan launched the company in 1996 and provided enterprise, email, and content services.
Infibeam Avenues revealed the acquisition along with its quarterly earnings for the month of June. The company recorded a net profit of Rs 36.4 crore on a stand-alone basis, up 31% from Rs 27.7 crore in the previous year.
With Rs 682 crore, operational revenue remained essentially unchanged from the previous year. Regarding business categories, its payments division brought in a gross income of Rs 643 crore, with its e-commerce operations accounting for the remaining portion.
After deducting payment processing fees, its net revenue in the payments sector was Rs 118 crore, up 20% from Rs 98.8 crore
The company’s total payment value increased from Rs 11,826 crore to Rs 19,679 crore in the previous year.
The fintech company reported that improved operational measures caused its take rate—the portion of each transaction it processes—to increase to 11.2 basis points from about 8.4 basis points a year earlier. More than 10 million merchants are currently using the company’s solutions, and more than 2,500 new merchants sign up every day.
On the BSE, Infibeam shares increased 4.3% to close at Rs 32.30 on Friday, while the benchmark Sensex finished roughly 1.1% lower.
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