SEBI Clears IPOs Of Rediff, PlaySimple
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Markets regulator SEBI has given its go-ahead to the initial public offerings (IPOs) of AvenuesAI’s (formerly Infibeam Avenues) subsidiary Rediff and mobile game developer PlaySimple.
As per markets regulator’s latest update, it had issued observation letters over the public offers of Rediff.com India Limited and Playsimple Games Limited on August 4 and 6, respectively.
In SEBI parlance, the issuance of an observation letter is indicative of the regulator’s go-ahead for a company to go public. The observation letter, once issued, remains valid for a window of 12-18 months during which the startup can open its IPO for public subscription.
Rediff, founded in 1995 by Ajit Balakrishnan, is a Mumbai-based internet company which was acquired by AvenuesAI in August 2024.
Its business comprises Rediffmail (enterprise email), RediffPay (digital payments) and RediffOne (enterprise business suite). It had also acquired its parent company’s ecommerce SaaS platform for a ₹800 Cr valuation last year.
Rediff had confidentially filed for an IPO, which could be in the range of ₹600-₹800 Cr, with the SEBI back in April. More clarity on the company’s public float will come when it files its updated draft red herring prospectus (UDRHP) with the regulator.
Meanwhile, PlaySimple, which is a wholly owned subsidiary of Swedish gaming company MTG, filed its DRHP with the regulator for an OFS-only IPO. The proposed offering could see its parent offload shares worth ₹3,150 Cr.
The gaming startup was founded in 2014 by Siddharth Jain, Siddhanth Jain, Preeti Reddy, and Suraj Nalin. It was acquired by MTG for more than $360 Mn in 2021
The firm claims to have 4.99 Mn daily active users (DAUs) and over 400 Mn downloads across its portfolio of 30 casual mobile games as of December 31, 2025.
The company earns revenue from in-app advertisements, in-app purchases and from software development services, which includes fees generated from developing, licensing and maintaining games for third-party platforms.
Looking at the broader IPO pipeline, logistics tech company LEAP India and edtech company Klassroom’s public offerings are currently ongoing. Ecommerce enablement platform Shiprocket has also filed its DRHP to join the IPO queue.
Meanwhile, manufacturing startup Zetwerk, defence tech startup Tonbo Imaging, furniture rental startup RentoMojo, and dronetech startup Garuda Aerospace have all received the green light for their IPOs from SEBI in recent days.
However, quick-commerce major Zepto put its IPO plans on hold and is instead reportedly pursuing a pre-IPO fundraise of about ₹1,000 Cr.
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