Rediff, Once an Internet Pioneer in India, Sells Majority Stake for $3M

An anonymous reader shares a report: Payments infrastructure firm Infibeam Avenues has acquired a majority 54% stake in Rediff.com for up to $3 million, a dramatic twist of fate for the 28-year-old business that was the first Indian internet firm to list on Nasdaq back in the year 2000. Founded in 1996, Rediff rode the initial dot-com wave to become one of India's leading web portals, offering email, news, and e-commerce services. At its peak, Rediff was valued at over $600 million on the Nasdaq stock exchange. It also drove some of the largest traffic in India, climbing at least up to the 12th spot, according to brokerage house Jefferies.

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