India's Rediff.com appoints Vishal Mehta as its new Chairman and MD

Mumbai-based digital media company Rediff.com has appointed Vishal Mehta as its new Chairman and Managing Director (CMD).

The appointment comes after fintech major 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, signalling a new era for the company under Mehta's leadership.

Infibeam’s strategic acquisition

On Tuesday, Infibeam Avenues Ltd completed the acquisition of a 54.01% equity 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 over 55 million monthly visits and a substantial 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 Managing Director of Infibeam Avenues Ltd, brings extensive experience in technology and digital business development. Mehta is a graduate of the Massachusetts Institute of Technology (MIT) and Cornell University.

He previously worked at Amazon, where he played a key role in corporate development and technology initiatives. In 2007, he returned to India to establish Infibeam, which has grown into one of India’s largest fintech firms.

Commenting on his new role, Mehta said, "Integrating Rediff into the Infibeam ecosystem marks an important milestone in our growth strategy. Together, we will harness our synergies to deliver innovative solutions and greater value to our customers."

Ajit Balakrishnan’s continued role

Ajit Balakrishnan, the 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 undoubtedly drive into new realms of growth and innovation," he said.

Rediff.com’s new leadership under Mehta is expected to focus on expanding its offerings 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 fiscal year 2023-24, Rediff.com reported revenues of Rs 360 million, while Infibeam Avenues Ltd posted consolidated revenues of Rs 31,711 million, with a Profit After Tax (PAT) of Rs 1478 million.