Rediff.com names Vishal Mehta as new chairman and managing director

Rediff.com, a pioneering entity in India's digital landscape, has appointed Vishal Mehta as its new Chairman and Managing Director, signalling a new era of growth and innovation. This leadership change follows Infibeam Avenues Ltd's acquisition of a 54.01% majority stake in Rediff.com, marking a pivotal moment for both companies.

The announcement, made by the board of directors on Tuesday, sees Mr. Mehta succeed Ajit Balakrishnan, the founder and long-time leader of Rediff.com, who had been instrumental in shaping the company since its inception in 1996.

Balakrishnan expressed confidence in the appointment, stating, "Under Vishal's leadership, Rediff.com will undoubtedly drive into new realms of growth and innovation."

Vishal Mehta, an alumnus of MIT and Cornell University, is a seasoned leader in digital innovation. He is an ex-Amazon executive, who had worked at Amazon's corporate headquarter, playing an instrumental role in advancing the company's technology, and corporate development function. His leadership at Infibeam Avenues Ltd,. a prominent fintech and payment infrastructure company, has cemented his reputation as a forward-thinking executive.

Mehta's vision for Rediff.com involved leveraging its expansive user base of 70 million registered users to introduce AI-powered financial products, such as loans, insurance, and investment services. These offerings will be integrated into Rediff's existing digital ecosystem, which attracts over 55 million monthly visitors, placing it among the top 1,000 websites globally.

In a statement, Mehta shared his excitement, saying, "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 gather value to our customers."

The transition comes at a time when Rediff.com, with FY 2023-24 revenues of Rs 360 million, stands on the brink of substantial growth in consumer-facing digital payments and financial services.

Infibeam Avenues Ltd, which reported consolidated gross revenue of Rs 31,711 million for FY23-24, views the acquisition as a major step toward expanding its footprint in digital payments through the Rediff platform.

With Infibeam's regulatory expertise and its flagship payment gateway CCAvenue, authorized by the Reserve Bank of India and the Saudi Arabian Monetary Authority, Rediff.com is well-positioned to capitalize on emerging market opportunities.