Listed payments infra and SaaS company Infibeam Avenues has acquired a 54.10% stake in online information portal Rediff for a cash consideration of Rs 25 crore. The acquisition will value Rediff at Rs 46.2 crore.
Additionally, Infibeam would also provide Rediff with an interest-bearing loan of Rs 25 crore, according to an exchange filing.
Rediff turnover has been on a downswing for the three years. It declined to Rs 36 crore in FY24 compared to Rs 38 crore in FY22.
Founded in 1996, Rediff claims to have 38 million monthly visitors and ranks amongst the top 1,000 highest traffic sites globally. It offers mail messaging services as part of its tools.
Meanwhile, Infibeam Avenues provides digital payment gateways, enterprise software platforms and AI solutions. Moreover, it also offers a digital banking suite for corporates and SMEs, money transfer solutions for banks and businesses, and correspondence banking services for unbanked individuals.
Infibeam’s shares ended Friday’s session 5% higher at Rs 32.30 on the Bombay Stock Exchange after the acquisition announcement and its quarterly results.
The company's reported consolidated net profit at Rs 50.4 crore in the first quarter of FY25, 59% higher than Rs 31.6 crore during the same period last year.
Baby food brand Bebe Burp has raised Rs 8 crore ($954,800) in pre-series A funding round from Gruhas Collective Consumer Fund (GCCF).
Bebe Burp, founded by Shruti Tibrewal, Chirag Gupta and Bharat Tibrewal in 2018, retails nutritious alternatives for kids from birth. The company prepares instant mixes, cookies, and snacks like multi-flavored porridge mixes, millet puffs, ragi cookies and more.
The brand will utilize 60% of the funds for growth, 20% for operations, 10% for product development, and the remainder for team building for coherent production. Further, it will be used for market growth, advanced product development, targeted marketing campaigns, strategic hiring and talent acquisition, groundbreaking innovation and R&D, and seamless technology integration.
It plans to allocate more resources to regions with higher market potential and strong competition to make its entry into the market.
