Category: Matrimony.com
Matrimony.com Muted Q2 Numbers, Launches Luv.com and ManyJobs.com
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.
Matrimony.com Surges 14% Ahead of Share Buyback Decision
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 Interview – Global Dating Trends
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.
Matrimony Reports Q2 Financial Results
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.
Google Deletes All Matrimony.com Apps, and Most Competitor Apps
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:
- Pay either 15% or 30% using Google.
- Pay 11% or 26% for using 3rd party payment gateways.
- Don't collect payment through app.
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.
Matrimony.com Launches MeraLuv, a Dating App for Indian Americans
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.
Matrimony.com Launches Safe Matrimony Campaign to Combat Online Frauds
LINKEDIN – Matrimony.com has launched a series of information videos as part of its Safe Matrimony awareness campaign, a decade-long initiative aimed at educating users about staying safe while searching for life partners online. Recognizing the risks of fraud in online matchmaking, the company has collaborated with renowned actor Vidya Balan to raise awareness about common scams like fake customs fees, emergency cash requirements, cash on delivery, and sextortion.
Matrimony Q2 PAT Rises 7% YoY to INR 12.53 Cr
INC42 – Matrimony.com reported a 7% YOY increase in its Profit After Tax (PAT) for Q2 FY24, amounting to~$1.55M (INR 12.53 Cr). The company saw a slight decline in operating revenue quarter-over-quarter but a 5.86% YOY increase to ~$15M (INR 121.60 Cr). Revenue from matchmaking services, a major contributor to the top line, reached ~ $14.73M (INR 119.16 Cr), marking a 5.95% YOY increase. However, revenue from marriage services slightly decreased. The company's total expenditure for the quarter was ~$13.78M (INR 111.58 Cr), with a significant portion allocated to advertising and promotional activities. Despite some challenges, Matrimony.com continues to innovate, notably revamping its BharatMatrimony platform.
Matrimony.com Posts Q1 Revenue of $15M; Wins Gold at ET Brand Equity Awards
NEWS PATROLLING – Matrimony.com reported its financial results for Q1 ending June 30, 2023. Consolidated billing and revenue were $15.03M and $14.88M, respectively, with Profit After Tax (PAT) at $1.71M. The Matchmaking sector saw revenue at $14.56M. The company also added 280K paid subscriptions during the quarter and won Gold at the ET Brand Equity "Shark Awards" for their 'My AI Valentine' Valentine's Day Campaign.