Ahmedabad: Rediff.com today announced the appointment of Gujarat based Vishal Mehta as its new Chairman and Managing Director after Mehta led 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. 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, is an ex-Amazon executive, who had worked at Amazon’s corporate headquarter 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 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.

Vishal Mehta said, “I’m honored to lead Rediff.com. Integrating Rediff into the Infibeam ecosystem marks an important milestone in our growth strategy.”

According to a press release, Rediff.com attracts over 55 million monthly visits and ranks among the top 1,000 websites globally.It holds valuable user data that Infibeam Avenues Ltd. aims to tap into. The 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. 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.

On Tuesday, Infibeam Avenues Ltd, completed its acquisition of a 54.01% equity stake in Rediff.com, making Rediff a subsidiary. This acquisition marks a major milestone for both companies.

In FY 2023-24, Rediff.com reported revenues of Rs 360 million, reflecting high growth potential. Infibeam Avenues Ltd’s reported consolidated gross revenue stood at Rs 31,711 million, accompanied by Profit After Tax (PAT) at Rs 1478 million in FY23-24.