AvenuesAI’s subsidiary, Rediff.com India Limited, has filed its IPO papers via the confidential route with the Securities and Exchange Board of India (SEBI), as well as the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
According to an exchange filing by AvenuesAI, the proposed IPO involves the issuance of equity shares on the main boards of the BSE and NSE. The company clarified that the filing of the pre-filed DRHP (Draft Red Herring Prospectus) does not guarantee that Rediff will proceed with the IPO.
Media reports suggest the IPO could range between ₹600-₹800 Cr.
Founded in 1995 by Ajit Balakrishnan, Rediff started as a news media outlet and expanded into various digital streams. The Mumbai-based internet company’s current business includes Rediffmail (enterprise email), RediffPay (digital payments), and RediffOne (enterprise business suite).
In August 2024, AvenuesAI acquired a 54.1% stake in Rediff for approximately ₹50 Cr, marking its entry into the consumer-facing business. Shortly after, Infibeam founder Vishal Mehta was appointed as the chairman and MD of Rediff in October 2024.
Rediff received a third-party app provider (TPAP) license from the NPCI last year. In August 2025, Infibeam approved the transfer of its ecommerce platform to Rediff for ₹800.39 Cr, increasing its stake in Rediff to 80% following the deal.
AvenuesAI is also focused on scaling its digital payment gateway, CCAvenue, and its AI infrastructure services under Phronetic.ai. The company is raising ₹700 Cr via a rights issue to invest in Phronetic AI, which is developing a global marketplace for AI agents. AvenuesAI invested ₹87.7 Cr in Rediff to expand its digital and payments ecosystem.
In Q3 FY26, AvenuesAI reported a consolidated net profit of ₹79.8 Cr, a 24% YoY increase and an 18% QoQ jump. Operating revenue grew 122% YoY and 21% QoQ to ₹2,381.1 Cr.
Shares of AvenuesAI closed over 7% higher at ₹14.31 on the BSE today.
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