Mumbai Based Rediff.com India Ltd has announced financial results for the first quarter ended June 30, 2015.
Rediff.com’s total revenue for the first quarter is at US$ 3.29 million as against US$ 4.08 million last year for the same quarter, decrease of 19.04% year-on-year. Out of the total revenue of US$ 3.29 million, indian online business has contributed US$ 2.82 million.
Cost of revenue has come down from last year’s US$ 2.82 million to this quarter’s US$ 2.35 million, 39.1% reduction on operating expenses year-on-year.
Operating expenses of rediff has decreased by 39% in the first quarter ended June 2015 over the same quarter last year. Due to this net loss for the quarter decreased by 50% year over year and is at US$ 1.75 million this quarter ended 30th June 2015.
As per the report of ComScore Media Metrix in June 2015, rediff claimed to have 16.2 million monthly active users which is a 17% year-over-year growth in Unique users and a 20% reach in the PC based internet market in
Rediff which was incorporated in January, 1996, is an India-based internet company which delivers digital content and commerce services.
“We are pleased to report that our strategy to reduce dependence on display advertising by increasing our revenue share from the Rediff online marketplace is underway. In the First quarter, 28% of our revenue is attributed to an efficiently run online marketplace with a healthy take rate of 27%. Our continued focus on the use of data-driven algorithms and data analytics helped us lower our marketplace support costs, as well as general and administrative costs,” said Ajit Balakrishnan, Chairman and CEO of Rediff.com India Ltd.
“We maintain a leading presence in the PC based Indian internet market with 16.2 million unique users, as measured by ComScore. Our goal is to preserve this reach and focus our efforts on product development, marketing and operations to obtain similar influence in the mobile internet market. This market segment is poised for significant growth, and we understand the importance of adapting and innovating our technology accordingly. The introduction of Rediffmail CRM Lite, a cost-effective CRM solution for small and medium-sized enterprises which can be accessed across multiple mobile devices, is a significant step as we work to achieve this goal.”