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.
Category: Matrimony.com
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.
Matrimony Reports Q4 Billing Growth of 8.6% Q/Q and 5.1% Y/Y
NEWSPATROLLING – Matrimony.com, a leading online matrimony company, reported Q4 billing growth of 8.6% QOQ and 5.1% YOY. The company's consolidated billing reached INR 121 crores ($15M), while revenue reached INR 114.5 crores ($14M). Profit After Tax (PAT) was INR 11.4 crores ($1.4M). In the matchmaking segment, billing reached INR 117.6 crores ($14M) and revenue reached INR 111.6 crores ($13.6M). The company added 262K paid subscriptions during the quarter. For the year ended March 31, 2023, consolidated revenue was INR 455.8 crores ($55.6M).
EliteMatrimony Launches Success-Based Matchmaking Service
IND TODAY – EliteMatrimony, part of the Matrimony.com group, has rolled out a premium matchmaking service. Users will pay a minimal monthly charge to get access to a dedicated relationship manager who serves them suitable matches and facilitates introductions. The customer pays success fees only once a match is fixed through EliteMatrimony.
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The Future of Matrimonial Sites in India
MEDIANEWS4U – Matrimony.com's founder and CMD, Murugavel Janakiraman, is reflecting on the future of his company in light of recent reports that Match Group is considering investing in Shaadi.com, an Indian matrimony site, and InfoEdge's acquisition of the dating site Aisle through JeevanSaathi.com. Janakiraman notes that while dating sites have been around in India for about a decade, they haven't generated the expected revenues and have realized that matrimony sites are where the money is. He also observes that women are increasingly taking the decision to marry into their own hands and that the younger generation wants equality in marriages. Janakiraman believes that communication and design are the keys to successful marriages and plans to host webinars for couples to educate them on this. The company is committed to serving its audience and building a long-lasting organization that can evolve beyond the founder's involvement. Matrimony.com also has a growing wedding services business, including Wedding Bazaar and Mandap.com, and recently launched RainbowLuv for the LGBTQIA+ community.
by Gokul Krishnamoorthy
See full article at MediaNews4U
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Matrimony.com Q2 Net Profit Declines 29.3% YoY
MONEY CONTROL – Matrimony.com's revenue during the quarter climbed to Rs 114.9 crore ($14.2M), up 4.5% YOY. The profit dropped by 29.3% YOY to Rs 11.7 crore ($1.4M) in the Q2 of the fiscal year 2022-23 (Q2FY23). Matrimony.com added 242K paid subscriptions during the second quarter, a decline of 3.5% QOQ and a growth of 8.3% YOY.