Infibeam Avenues Limited, Rediff. It has entered into a definitive agreement to acquire 54% shares of Amazon.com India Limited for an amount not exceeding Rs.25 crore. The acquisition, funded internally, aims to leverage Rediff's established internet presence, news platform and enterprise email services, Infibeam said in an exchange filing.

"I am delighted to transfer this iconic brand and its legacy into the talented hands of Vishal Mehta of Infibeam Avenues. I strongly believe that under his leadership, the new avatar of Rediff will further strengthen the company and accelerate business growth. Ajit Balakrishnan is the Chairman and CEO of the company.

Balakrishnan, an alumnus of IIM-Calcutta, will continue to mentor Rediff, which was founded in 1996. According to an exchange filing, Rediff reported a revenue of Rs 36 crore for the financial year 2023-24.

Rediff.com's user base offers a scenario for cross-selling financial products such as loans, insurance, and investment products using artificial intelligence. RediffMONEY can use the platform to promote these services, enhance the product and provide lifetime value to the customer.

Rediff.com's user base offers a scenario for cross-selling financial products such as loans, insurance, and investment products using artificial intelligence. RediffMONEY can use the platform to promote these services, enhance the product and provide lifetime value to the customer.

"This majority stake signifies a significant step towards enhancing the company's products and services... The company is expected to witness double-digit revenue growth by entering the financial sector as an aggregator in the coming quarters," Mehta said.