Rediff.com has announced its financial results for the second quarter of FY07. Revenues for the quarter ended September 30, 2006 totalled $6.66 million, an increase of 53 per cent over revenues for the corresponding quarter of the previous fiscal.
India online revenues for the quarter ended September 30, 2006 grew by 71 per cent to $4.71 million. The portal has also reported a 21 per cent growth in its user base to 47.7 million in the quarter ended September 30, 2006.
With revenues from its India online advertising business growing by 94 per cent for the quarter ended September 30, 2006 compared to the same quarter in the previous fiscal, online advertising remains the primary growth driver for the company.
The number of advertisers on the company’s website for the quarter ended September 30, 2006 totalled approximately 160 brands, an increase of 20 per cent over the number of advertisers during the same period in the prior fiscal year.
The top 10 advertisers contributed approximately 57 per cent of the advertising revenue for the India online business in Q2 of FY07 as compared to 52 per cent during the same period in FY06.
Usage of the company’s VoIP-enabled Rediff Bol Instant Messenger also grew, with a 50 per cent increase in the number of unique users as of September 30, 2006 compared to the number of unique users as of June 30, 2006. The company successfully launched a downloadable client on Symbian OS enabled mobile phones. Consistent with its belief in user-oriented technology, Rediff.com launched a Hindi language feature, which enables users to communicate in the largest spoken language in India. The company plans to roll out other popular Indian languages in the future.