Rediff Files for IPO: AvenuesAI Subsidiary – Global South Capital Times

AvenuesAI’s subsidiary, Rediff.com India Limited, has pre-filed its Draft Red Herring Prospectus (DRHP) with SEBI, BSE, and NSE for a potential IPO. The filing was disclosed by AvenuesAI in an exchange filing, though it clarified that the pre-filing does not guarantee that Rediff will proceed with the IPO.

Founded in 1995 by Ajit Balakrishnan, Rediff started as a news media outlet and expanded into digital streams, including Rediffmail, RediffPay (digital payments), and RediffOne (enterprise business suite). Media reports suggest the IPO could range between ₹600-₹800 Cr.

In August 2024, AvenuesAI acquired a 54.1% stake in Rediff for approximately ₹50 Cr, marking its entry into the consumer-facing business. Following the acquisition, Infibeam founder Vishal Mehta was appointed as the chairman and MD of Rediff in October 2024. Rediff also received a Third-Party App Provider (TPAP) license from the NPCI and saw Infibeam transfer its e-commerce platform for ₹800.39 Cr, increasing Infibeam’s stake in Rediff to 80%.

AvenuesAI is also focused on scaling its digital payment gateway, CCAvenue, and 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.

AvenuesAI reported a 24% YoY and 18% QoQ increase in consolidated net profit to ₹79.8 Cr in Q3 FY26, with operating revenue growing 122% YoY and 21% QoQ to ₹2,381.1 Cr. Shares of AvenuesAI closed over 7% higher at ₹14.31 on the BSE following the announcement.