Rediff, as soon as a pioneer of web providers in India, sells majority stake for $3M | TechCrunch

Funds infrastructure agency Infibeam Avenues has acquired a majority 54% stake in Rediff.com for as much as $3 million, a dramatic coincidence for the 28-year-old enterprise that was the primary Indian web agency to listing on Nasdaq again within the 12 months 2000.

Based in 1996, Rediff rode the preliminary dot-com wave to grow to be certainly one of India’s main internet portals, providing electronic mail, information, and e-commerce providers. At its peak, Rediff was valued at over $600 million on the Nasdaq inventory change. It additionally drove a few of the largest visitors in India, climbing no less than as much as the twelfth spot, in keeping with brokerage home Jefferies.

The corporate struggled to adapt to the evolving digital panorama within the 2000s and 2010s. As social media platforms and specialised e-commerce websites gained prominence, Rediff’s broad portal mannequin grew to become more and more out of date. Regardless of makes an attempt to diversify its choices, it did not compete successfully in opposition to extra nimble rivals and ultimately delisted from NASDAQ. 

Infibeam mentioned Friday that Rediff nonetheless drives greater than 55 million visits every month. It plans to faucet Rediff’s person base to cross-sell monetary merchandise together with loans, insurance coverage and funding advisory. 

Rediff reported $4M in income within the monetary 12 months ending in March.