BRAND EQUITY – Matrimony.com has appointed renowned Indian actor Anil Kapoor, known for his roles in Slumdog Millionaire and Mr. India, as his brand ambassador to promote its community-based matrimony services. A marketing campaign, including TV commercials targeting BrahminMatrimony, RajputMatrimony, AgarwalMatrimony, and KayasthaMatrimony, will launch in January 2025.
DECCAN HERALD – Matrimony.com, a company known for online matchmaking, has launched ManyJobs.com, a job portal focusing on Tamil and English speakers, targeting job seekers in India's domestic market.
BUSINESS TODAY – Matrimony.com has launched WeddingLoan.com, a fintech platform offering tailored wedding loans in partnership with leading financial institutions like IDFC, Tata Capital, and L&T Finance. Aimed at simplifying wedding planning, the platform provides transparent loan options, tools, and ethical guidance without relying on commission-based agents. CEO Murugavel Janakiraman emphasized the company's commitment to helping couples plan weddings without financial stress. The launch positively impacted Matrimony.com's stock, which rose 2.38% to ₹668.10 on the NSE.
BUSINESS STANDARD – Matrimony.com billing revenue stood at Rs 111 crore ($13.1m USD) in Q2 2024, down 5.2% YOY. Profit After Tax was Rs 13.2 crore ($1.6m), down 5% YOY. EBITDA margins were at 15.2% in Q2. Murugavel Janakiraman, chairman and MD said, "This quarter was muted in terms of revenue growth due to seasonality. We expect to move to positive trajectory in Q3. To leverage on our brand strength and network effects, we have launched new / adjacent businesses. These initiatives have the growth potential in the years to come". The company launched an app (on Android) Luv.com in the matchmaking space to address next generation serious relationships. It also launched a new line of business called "ManyJobs.com" to focus exclusively on grey-collar, front- line and entry level jobs.
BUSINESS STANDARD – Shares of Matrimony.com surged 14% on the BSE, hitting a 52-week high during Tuesday's intra-day trade, driven by the company's announcement that its board will meet on Sep 5, 2024, to consider a share buyback proposal. The stock has rallied 40% in the past three weeks and surpassed its previous high of Rs 785.05 on Aug 21. Matrimony.com, India's leading online matchmaking company, manages brands like BharatMatrimony, CommunityMatrimony, and EliteMatrimony. It is expanding into adjacent segments, including launching MeraLuv.com, a dating app for Indian Americans, and plans to release Luv.com, a next-gen matchmaking app. Analysts attribute the stock's rise to upcoming changes in India's share buyback tax regime, effective from Oct 1, which shifts the tax burden from companies to shareholders.
BBC – Colleen McClain, a Senior Researcher at Pew Research Center, and Murugavel Janakiraman, Founder and CEO of Matrimony.com, were part of a special edition of BBC's global TV business program, Talking Business. The show explored trends in dating and online dating worldwide. While the UK and US are experiencing a shift from digital to in-person dating, the show delved into how this trend is evolving in India.
BUSINESSWORLD – Matrimony.com reported a net profit of INR 11.70 crore (~$1.4M) for the July-September quarter, down from INR 16.57 crore ($1.99M) the previous year. Total income for the quarter was INR 119.07 crore (~$14.27M), up from INR 113.90 crore ($13.65M) last year. Matrimony has launched RainbowLuv matchmaking app to serve the LGBT community along with Techiematrimony, which is an exclusive matchmaking services to those in the information technology sector.
LINKEDIN, CEO POST – Google has deleted BharatMatrimony, Naukri, Shaadi, 99acres, KukuFm, Stage and many others apps from play store citing Google play billing system (GBPS). They deleted all our (Matrimony.com) apps, over 100, including BharatMatrimony, TamilMatrimony, MarathiMatrimony, Jodii, etc.
Google tried to implement GBPS a few years ago where it forced digital services apps to use their billing system and pay 15% or 30% of revenue compared to less than 2% what apps pay for using other payment gateways. We went to the Competition Commission of India (CCI) and CCI levied a Rs. 936 CR penalty on Google.
CCI's Verdict: Google shall allow, and not restrict any app developers using third party billing/payment processing services.
Google changed their policy so the options are:
If you don't accept any of the above, your app will be deleted. This is what Google has done to most of the popular matrimony apps today.
AFAQS – Matrimony.com has introduced MeraLuv, a new dating app for Indian Americans, offering a three-month free subscription with full app functionality starting Mar 7, 2024. The app aims to address the needs of the growing Indian diaspora in the US, providing a platform for users to connect with potential partners who share similar values and aspirations without the pressure of immediate marriage. MeraLuv emphasizes safety and privacy, with verified profiles and features like voice notes and chat for communication.