Rediff India business grows 16 percent

Mumbai: Rediff.com’s quarter ended June 30, 2010, core online advertising revenues in India business grew 16% compared to the same quarter the previous year . Total India revenues, which includes fee-based and online advertising revenues, grew 6% for the quarter, while our global revenues grew 4% for the quarter, in each case over the same quarter last year.

“Online advertising in India definitely has resumed growth, we can see that in our increased pricing power which on an average increased by 26% as compared to the same quarter last year.” said Ajit Balakrishnan, Chairman and CEO, Rediff.com.

Total registered users of Rediff.com grew 15%, compared to the end of the same quarter last year, to 92 million.

MyPage, social media initiative continues to gain traction and is a strong entrant in the social networking category. The company recently introduced online games on MyPage with social APIs available, which has brought several worldwide game developers to our service.

A large number of organisations like State Education Boards, business organisations, celebrities, movie production houses, entrepreneurs, government bodies and NGOs have adopted MyPage service and are using various features to gather a follower base, send out status updates, communicate with followers on a real time basis, promote links and articles and share photos, videos and music.

"We continue to pursue our goal of improving the user experience on our site. In this direction, on our service delivery platform, we have achieved improvement in the order approval rates, a quicker turnaround time, and faster resolution of customer issues. The logistics support has been extended to service 40,000 pin codes in India and have extended our cash on delivery facility to 4,500 new pin-codes in this quarter. A high proportion of orders placed are now delivered within 24 hours," Ajit Balakrishnan said.

The company proposes to continue investing 1 to 1.5 million dollars per quarter in the next 2 -3 quarters to maintain the momentum in user growth.