First off you say how "Cramer likes India" then you go to say "I don't really care whether Cramer likes REDF or not". Seems to me like your picking and choosing what you want to hear. I also find it very interesting how you conveniently leave out the part where Cramer says "Don't buy" REDF. So lets not warp facts here to favor your opinion.
Here are some unwrapped facts:
REDF's "revenue climbed 25% to $5.9 million on last quarters earnings, the spurt itself may seem impressive, but this is the same company that posted $8.5 million in revenue during the same period in 2007. In other words, revenue has actually fallen by 31% over the past three years."
REDF continues to lose money.
REDF has declining site traffic.
These are the facts and they do not bode well for REDF as they continue to lose money with increasing competition and decreasing revenue.
It shouldn't take an MBA to figure out why REDF turned into loss after 2007 - there was a recession worldwide for about 3 years after 2007. Also, Internet penetration in India was and still is far behind China; therefore, monetizing Internet traffic was/is not in India was/is not as easy as in China. But the change is coming soon. The recession is over and Internet adoption is going to accelerate in India; that bodes very well for REDF.
About traffic - I think that in terms of absolute unique visitors, pageviews, pageviews/user and time spent on site REDF traffic has not changed much recently. However, the picture is blured when the Internet ranking data contains all new sites, especially fast-growing sites like Facebook, YouTube, Twitter, etc, the relative ranking of REDF has dropped mainly because of some new and fast growing sites. The same is true for the the Chinese portals; their rankings have also droped to about the same extent as REDF over the same period. I remember SINA was ranked among world top 10 some years ago, but it's ranked No. 14 or 15 now. BTW, REDF has more unique visitors than SINA and SOHU according to compete dot com. But I'm not sure how accurate the data from compete dot com is and wouldn't base my investment decision on that alone for sure. Team is much more knowledgeable to comment on that.