Rediff.com, an internet company, today announced the appointment of Vishal Mehta as its new Chairman and Managing Director. This key leadership change follows Infibeam Avenues Ltd’s acquisition of a majority stake in Rediff.com.
The board of directors at Rediff.com made the decision on Tuesday, officially appointing Mehta to succeed Ajit Balakrishnan, who has been at the helm since Rediff’s inception in 1996. The move underscores the board’s confidence in Mehta’s ability to guide the company through its next phase of growth and transformation.
In addition to his new role at Rediff, Mehta will continue to serve as Chairman and Managing Director of Infibeam Avenues Ltd.
Vishal Mehta, a graduate of the Massachusetts Institute of Technology (MIT) and Cornell University, brings a wealth of expertise in digital innovation and strategic business development. He is an ex-Amazon executive, who had worked at Amazon’s corporate headquarter, playing a pivotal role in advancing the company’s technology, and corporate development functions during his five year stint. After a decade in the United States, he returned to India in 2007 with a cohort of Amazon colleagues to found Infibeam, which has since grown into one of India’s largest fintech and payment infrastructure firm with its flagship brand CCAvenue. Infibeam processes over $86 billion in transactions annually, serving millions of merchants in India and globally.
Commenting on Mehta’s appointment, Ajit Balakrishnan said, “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.”
Expressing his gratitude, Vishal Mehta said, “I’m honored to lead Rediff.com, a company that aligns seamlessly with Infibeam Avenues’ culture and operational strengths. 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.”
Rediff.com, which attracts over 55 million monthly visits and ranks among the top 1,000 websites globally, holds valuable user data that Infibeam Avenues Ltd. aims to tap into. The extensive consumer base of more than 70 million registered users provides an opportunity to offer AI-powered financial products, including loans, insurance, and investment services, through Rediff’s platform. This initiative is expected to enhance customer engagement and increase lifetime value.
Infibeam’s expertise in regulatory compliance, particularly through its payment gateway business CCAvenue – which holds key authorisations from the Reserve Bank of India (RBI) and the Saudi Arabian Monetary Authority (SAMA) – will play a vital role in executing its growth strategy for Rediff.com.
In FY 2023-24, Rediff.com reported revenues of ₹360.7 crore, reflecting high growth potential. Infibeam Avenues Ltd’s reported consolidated gross revenue stood at ₹3,171.1 crore, accompanied by Profit After Tax (PAT) at ₹147.8 crores in FY23-24.
