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Rediff.com India Limited has reportedly filed confidential draft papers with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
The legacy internet firm is expected to target a fundraise of around INR 600 crore to INR 800 crore. The company has opted for the confidential pre-filing route, which allows it to withhold key details such as financial performance, valuation and issue structure at this stage. This route gives firms flexibility in deciding the timing of the public issue and making changes before full disclosure.
The development follows Rediff’s acquisition by AvenuesAI in 2024. Since then, the company has been shifting away from its traditional internet portal model and focusing on building an artificial intelligence-driven platform. It is also looking to expand in the digital payments space.
Reports indicate that the IPO proceeds will be used to strengthen its AI capabilities, support product development and grow its digital payments business. The company is preparing to launch RediffPay, backed by a UPI licence from the National Payments Corporation of India.
Founded in 1996, Rediff was among India’s earliest internet companies, offering email, news and online services. It listed on NASDAQ in 2000 and later delisted in 2016.
The confidential IPO filing route has gained traction among new-age firms. Companies that have used or explored this mechanism include Prism (OYO), Zetwerk, PhonePe, Meesho, Swiggy, Groww, PhysicsWallah, Shadowfax, Shiprocket, boAt, Aequs, Infra.Market, InCred Holdings, Zepto and Tata Play.
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