Nasdaq listed Rediff.com has said that for the fiscal ended March 31, 2011, the company’s India online advertising revenues grew to $17.94 million from $14.69 million reported on fiscal ending March 31, 2010. Rediff’s total revenues, which includes fee-based and online advertising and US publishing revenues, for the same period rose to $21.79 million in fiscal 2011 from $18.84 million reported in fiscal 2010. The company’s India online advertising revenues for the quarter ended March, 31, 2011 rose to $4.84 million from $4.03 million reported in the same quarter last year and total revenues in the same period grew to $5.64 million compared to $4.96 million for the quarter ended March, 31, 2010.

The company’s cash balance stood at $36.92 million, as of March 31, 2011, which provides sufficient working capital to meet its liquidity needs and to execute on its strategy, including investments in product development and marketing initiatives. Similar with past periods, Rediff expects to continue to invest $1.0 - $1.5 million per quarter throughout the fiscal year.

“In the recent quarters and specifically in the last year, growth in revenue and in our user base shows very early signs of the positive impact of our strategic initiatives. We believe future periods will be reflective of greater recall of the Rediff brand, driven by our new service offerings, as well as the continued build-out of the broadband infrastructure in India. We also believe that the real growth for our Company will begin to take hold over the next 12-24 months as anticipated broadband internet and 3G services become more widespread and affordable,” Ajit Balakrishnan, chairman and CEO, Rediff.com has said.

Speaking about the company’s daily deal service Rediff Deal Ho Jaye, Balakrishnan said, “We are excited about this new offering as it offers growth potential for our company over the long-term, while providing consumers with value-added, discounted services today.”