On July 25th, Rediff.com India Ltd. released its results for the First Quarter that ended June 30th 2002. While rediff.com’s quarterly revenue grew by about 14%, from Rs.27 crores to Rs.31 crores, the operating losses declined by about 41% from Rs.12 crores to Rs.7 crores when compared to the same quarter last year. Also, advertising on rediff.com grew by about 44%, from Rs.6.3 crores to Rs.9 crores.
Rediff.com claims to reach out to 19 million registered users around the globe. It also claims that over 75 brands in India continue to advertise on the site. The brands include giants like P&G, Coke, Nestle, Levers, J&J, Wipro and Samsung.
Comments Ajit Balakrishnan, CEO, Rediff.com, "The environment in which we operated during the April-June 2002 quarter was certainly a volatile one, creating both opportunities and challenges. Our response has been two fold – first, of a ‘product innovator’, and second, of a tight integrator of our businesses to enable cross-selling, save administrative overheads and thus improve profitability.”
Rediff.com views the Indian content and services providers over the Internet as their competitors. This includes web directories, search engines, content sites, portals, ISPs and sites maintained by government and educational institutions.
Founded in 1996, Rediff.com is a communications and media company serving Indians globally, both online and offline by offering its users interest specific channels, local language editions, search capabilities, online shopping and long distance calling cards and also an Internet community. Rediff.com has offices in New York, Chicago, Delhi and has headquarters in Mumbai.