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Rediff is moving its stocks, presently listed on the Nasdaq Global Market, to the Nasdaq Capital Market as the company does not meet the stock market’s meet the minimum stockholders equity level for continued listing on the Nasdaq Global Market.

Accordingly, the company has applied to move its ADRs (a stock that trades in the United States but represents a specified number of shares in a foreign corporation) to the Nasdaq Capital Market. “The continuing listing requirements of the Nasdaq Capital Market are, in the Company’s opinion, more appropriate for companies at rediff’s scale of operation.” the company said in a filing.

Rediff added that it is currently developing mobile applications for Android, iOS and Windows Phone. The company also claimed that it has a 20% reach of the PC-based internet market in India, with 16.2 million monthly active users.

Quarterly results

For the quarter ended June 30 2015, Rediff said that it has cash and cash equivalents worth $7.6 million left which should meet its requirements for the next six quarters.

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.

The company also said it is beta testing Rediffmail CRM Lite, a product 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 claims that the software works across devices, as well as for sales persons who are constantly on the move. Merchants can manage their sales funnel and generate customized reports in CSV format.

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.