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Fintech giant Infibeam Avenues has approved the transfer of its ecommerce platform on a slump sale basis to its subsidiary Rediff.com for a valuation of INR 800.39 Cr.
The company approved signing a Business Transfer Agreement with Rediff.com.
Post transaction, Infibeam will increase its stake in Rediff.com from 54.1% to 80%.
As per the company, its ecommerce SaaS platform fits well with Rediff.com existing service suite, including Rediffmail (enterprise email), RediffPay (digital payments), and RediffOne (enterprise business suite). Meanwhile, Infibeam will focus more on scaling its digital payment gateway, CCAvenue, and its AI infrastructure services under Phronetic.ai.
“The move allows Infibeam to focus on scaling CCAvenue and Phronetic.ai, while Rediff.com accelerates as a SaaS-led enterprise and media platform,” the company added.
(The story will be updated soon.)
The post Infibeam To Transfer Its Ecommerce Platform To Subsidiary Rediff For INR 800 Cr appeared first on Inc42 Media.
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