Funds infrastructure firm Infibeam Avenues has acquired a 54% majority stake in Rediff.com for as much as $3 million, a dramatic flip of fortunes for the 28-year-old enterprise, which was its first this 12 months Indian Web firm listed on Nasdaq in 2000.
Based in 1996, Rediff rode the preliminary dot-com wave to turn out to be considered one of India’s main portals, offering e-mail, information and e-commerce providers. At its peak, Rediff was valued at greater than $600 million on the Nasdaq inventory alternate. It additionally drove a few of the largest site visitors in India, climbing to at the very least twelfth place, in keeping with brokerage Jefferies.
The corporate struggled to adapt to the altering digital atmosphere within the 2000s and 2010s. As social media platforms and specialised e-commerce websites grew in recognition, Rediff’s broad portal mannequin grew to become more and more outdated. Regardless of makes an attempt to diversify its choices, it didn’t compete successfully in opposition to extra nimble rivals and was finally delisted from Nasdaq.
Infibeam stated on Friday that Rediff nonetheless attracts greater than 55 million visits per thirty days. The corporate plans to leverage Rediff’s consumer base to cross-sell monetary merchandise equivalent to loans, insurance coverage and funding recommendation.
Rediff reported income of $4 million for the 12 months ended March.
