I have just checked my domain status, it shows in redemption. What is domain Redemption status?

If your domain has not been renewed in time, ICANN provides you a grace period to renew it and preventing a domain to being deleted or publicly available.

If your domain falls into redemption period, it is quite costly to regain your domain. While the actual domain price may be too low, domains in redemption can cost you hundreds of dollars. Domain falls into redemption period after approximate 30 days of domain expiry date and has not been renewed with the registrar. If you renew your domain within 30 days grace period, you can avoid paying the redemption fees.

Depending upon the registrar, your domain will be in redemption status for couple of months. If you fail to renew the domain within redemption period, domain will be available for the general public to be registered.
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