Rediffs user growth was powered by increased usage of services such as e-mail and video sharing services and its finance channel.
Rediff continued its push to make its search engine a basic utility, useful to a wide base of users in India. During the quarter, Rediff added search tools for tickets and schedules for approximately 20,000 buses that commute daily between approximately 10,000 locations in India. Rediff also added a tool to compare these bus schedules and fares with train fares and schedules for the same destinations as well as a tool to check the status of reservations and arrival times of trains on the extensive Indian Railway system. High school exam results for 70 different exam boards were also made searchable through Search. Other innovations in Search include adding a social search component whereby Search users post questions to other users and extending the video search coverage to over 2 million videos.
Rediff introduced a version of its toolbar for Firefox 3 within a week of the launch of this version of the browser.
Further details of Rediffs results for the first quarter ended June 30, 2008 are appended in tabular form to this press release. A presentation and the script of the earnings result conference call held on July 24, 2008, will also be made available on Rediffs Investor Information website at investor.rediff.com.
Rediff.com 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.