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rediff.com in a restructuring mode; To focus on US operations

30-August-2002
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rediff.com in a restructuring mode; To focus on US operations

According to sources, the US based Indian investors, who had picked up stake in the company at the time of its IPO in US, are pressing the company to make its business model more US focused. US based Indian investors are said to have increased their holdings later after some financial institutions had offloaded the funds and thus have a substantial says.

The restructuring, now on for sometime, includes creating a senior management team in US to grow the business. The company is also working on a few services only to be targeted at its NRI users.

The reason behind this move, say sources, is that focus in Indian market hasn't exactly lead to a financial success and despite all the hype, e commerce in India is still a distant dream. The latest quarterly results announced by the company, although showed a decrease in losses, were not enough to convince the US based investors.

Sources say rediff has already identified a senior person to spearhead the new initiatives in the US. Even other senior executives of the company including Chairman Ajit Balakrishnan have been camping in US, trying to strengthen operations. Also on the cards is an entry in the call center business. Rediff.com already has a service under the brand name 'Value Com’. The company plans to extend this brand into providing other services related to the telecom business.

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