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Rediff.com, one of India’s Internet pioneers, has less money in the bank than some of the country’s (relatively) recent ecommerce upstarts are spending in a month. The company reported that at the end of June 30th, 2015, it had $7.6M (around Rs 48.6 crore) in cash and cash equivalents, “which at the present rate should be enough to meet our requirements for six quarters”. Cash reserves are down from $8.39 million last quarter, and $15.7 million a year ago. MediaNama had first flagged the declining cash reserves last year, where, with losses of around $3M, it appeared that Rediff didn’t have more than four quarters of money left.

Read: “You have the perfect liberty to sell our shares and move on from tomorrow”- Rediff CEO

Total revenues for the company decreased 19.4% year on year to $3.29 million, down from $4.08 million in the same quarter last year. The company reported a loss of $1.75 million, which is almost half of the $3.48 million loss in the same quarter last year.Rediff’s losses declined largely because it reported a significant 39.1% reduction in operating expenses down to $2.86 million from $4.7 million a year ago. Costs have been declining: last quarter, costs for Rediff were 30% down YoY.

Rediff has been loss-making in 27 of the last 29 quarters. The company, yet again, didn’t take questions on its earnings conference call.

Q1 is a weak quarter

Q1 has typically been weak quarter for Rediff, but this is the lowest it has reported, in terms of revenues, over (at least) the last eight years; not just the lowest Q1 revenues in the last eight years.

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India online and advertising revenues declined

This is largely down to decline in its India online revenues, down 16.6% year on year to $2.82 million, from $3.38 million in the same quarter last year, the second lowest in the last eight years. Co-incidentally, the lowest revenues reported for Rediff were in Q1-FY13, at $2.79 million, three years ago. Advertising is seasonal, and Q1 is typically a weak quarter for advertising in India. Display advertising for the company declined 20% year on year.

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QoQ decline in unique users

Rediff said that its total unique users in July was 16.2 million, up 17% month on month, but down from the 17.5 million it had reported for March 2015. Users spent, on an average, 21 mins/month as measured by ComScore Media Metrix in June 2015, the same as in March 2015.

E-Commerce marketplace accounts for 28% of revenue

28% of the company’s revenue came from its online marketplace, up marginally from 27% last quarter. The marketplace reported a “take rate” of 27%, up marginally from 26% last quarter. Take rate is the fees earned as a percentage of total transactions.

Beta Testing CRM

The company said it is beta testing Rediffmail CRM Lite, targeting small and medium enterprises with a field force. The product allows merchants to store sales records, emails and contact details in one place. It says the software works across devices, and works for sales persons who are constantly on the move. Merchants can manage their sales funnel and generate customized reports in CSV format.

View: Earnings release