Rediff has announced the results for the 2nd Quarter Ended September 30, 2008 .Indian revenues of this portal grew by 5.5 % .
“During the quarter in which India witnessed a challenging economic environment we grew our Indian revenues by 5.5% on a year on year basis in Rupee terms, but due to a weakening of the Indian Rupee vis a vis the US Dollar, this growth translated to a 2% decline in US Dollar terms. We continue to focus on building and launching relevant platforms and products for our users which we believe will help in maintaining our position as a leading online player,“ said Ajit Balakrishnan, Chairman and CEO, Rediff.com India Limited. “We believe that with a registered user base of approximately 72 million, a unique user base which grew a monthly average 8.6% over the previous quarter (compared to a monthly average industry growth of 4.8% – Source: ComScore) and with a cash balance of over $49 million we are in a good position.”
The Company has launched a number of key initiatives, including the launch of an open platform initiative to enable external developers worldwide to host applications on Rediff’s services. Our platform is now capable of supporting any application that is compatible with Facebook Markup Language, thereby creating a new opportunity for application developers around the world to leverage Rediff.com’s large community of users.
Launch of the Rediff mobile client application ‘MobileRediff’ which allows Indian mobile phone users to directly access popular Rediff.com services, including Rediffmail and news. This application also enables mobile phone users to send and receive email and SMS in the Hindi language. We believe that the ease of use and functionality of this application will appeal to mobile users and make Rediff.com accessible to millions of consumers across India who do not have access to personal computers.
Rediff.com (NASDAQ: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services to Indians worldwide. Rediff.com provides a platform for Indians worldwide to connect with one another online. Founded in 1996, Rediff.com is headquartered in Mumbai, India with offices in New Delhi and New York, USA.