BUSINESS-STANDARD – The company's board approved a share buyback worth Rs 75 crore ($9.6M) at price not exceeding Rs 1,150 ($14.8) per share. The maximum buyback price represents 72.5% premium to yesterday's closing price. The company also announced its earnings for the quarter and the year ended on 31 March 2022. Q4 Net profit increased 15.6% YOY to Rs 11.7 crore ($1.5M), and revenue increased 9.4% YOY to Rs crore ($14.2M).
Category: Matrimony.com
Jodii – a New Vernacular Matrimony App by Matrimony.com
APNNEWS – Matrimony.com, India's leading online matrimony company, launches Jodii, an exclusive vernacular matchmaking app available in Hindi, and 9 other languages including Marathi, Bengali, Punjabi, Gujarati, Tamil & Telugu. All male members are required to verify their profile with a Government Identity proof.
Matrimony’s Growth Momentum Continues in Q3 FY22
EQUITY BULLS – Matrimony.com Limited, the leading online matrimony company, announced its unaudited standalone and consolidated financial results Third quarter Q3 and nine months ended December 31, 2021.
Key financial highlights:
- Revenue at Rs 108.5 crores ($14.4M), decline of 1.3 % q/q and growth of 12.2% y/y
- Profit After Tax at Rs 11.5 crores ($1.5M) (decline of 30.6% q/q and growth of 4.3% y/y)
Q&A With Founder & CEO of Matrimony.com
EXCHANGE4MEDIA – In the second edition of 'Pride of India Brands 2021' series, Matrimony.com's founder & CEO Murugavel Janakiraman shares his success story. Matrimony.com is India's leading internet conglomerate that manages brands such as BharatMatrimony CommunityMatrimony, EliteMatrimony and Mandap.com.
Q: You were working in the IT sector in the US in the nineties. How and when did the idea of Matrimony take shape?
A: I wanted to do something on my own. Since I came from Tamil Nadu, I thought of doing something for the Tamil community living outside India. The purpose of Matrimony.com is to build a better Bharat with happy marriages.
Q: What were your major challenges?
A: As a bootstrap organization, funding was a big challenge. From 2006 to 2008, I raised ~$20M in two rounds. Almost all this money went into my new ventures. My major challenge was however hiring the talent. People didn't want to be associated with what they call a "marriage bureau". They didn't realize that it is an IT company.
Q: How has the Indian marriage market evolved over the past two decades?
A: Two decades ago, parents were in the driving seat. Today, parents are in the passenger's seat. Online matrimony has empowered women. The pandemic has accelerated digital adoption in India, especially video formats.
Q: Do you have any plans to acquire your competitors?
A: We cover ~60% of the matchmaking space in the country. If there is any opportunity to acquire others, we will surely consider. But we have our own solid plans to grow in the category. We have constantly registered double-digit growth in the past four quarters.
Q: We would like to know your own marriage story.
A: I was looking for a partner who was based in Chennai and had an engineering degree; someone 2-3 years younger to me. These were my preferences. My father-in-law had created a profile for her. My initial correspondence was with my father-in-law. We have been happily married for 21 years.
Q: What are your plans for the expansion?
A: We have expanded our business in Bangladesh and in Sri Lanka. Through MuslimMatrimony.com we are reaching out to Muslim dominant countries like Malaysia.
Chennai-based Matrimony Enters Bangladesh’s Matchmaking Market
THE FINANCIAL EXPRESS – Matrimony, believes that the market has huge potential in the country following societal and lifestyle changes of urban people. BangladeshiMatrimony says it gets ~1,000 clients a day now. It provides round-the-clock call-center service to those who are looking for life partners. Matrimony.com Limited, whose flagship brand is BharatMatrimony, has ~4K employees working at ~20 offices across India.
by Jasim Uddin Haroon
See full article at The Financial Express
Matrimony.com Q2 Net Profit up 61%
MATRIMONY – Matrimony.com's net profit rose 61.4% YOY at Rs 16.6 crore for the September-ended quarter. Other key financial highlights for Q2: Revenue $14.8M, up 18% YOY. Matrimony added 220K paid subscriptions during the Q2 (growth of 4.4% YOY).
TamilMatrimony Rolls out Matchmaking App Jodii
THE HINDU BUSINESS LINE – Jodii is a new exclusive matchmaking app in Tamil from TamilMatrimony. "Our purpose in rolling out Jodii is to help Tamils from all walks of life find a life partner," said Murugavel Janakiraman, Founder and CEO – Matrimony.com, the parent company of TamilMatrimony. On Jodii, all male members are required to verify their profile with a government identity proof.
Matrimony Reports a Strong Start to FY22
MATRIMONY – Aug 13 – Key financial highlights for Q2:
- Revenue $14.2M, up 29% YOY
- Profit After Tax $1.9M, up 47.6% YOY
- Matrimony added 220K paid subscriptions during the Q2 (growth of 31.6% YOY)
Other highlights
During July 2021, the company signed definitive agreements to acquire a 100% stake in Boatman Tech Private Limited, promoters of ShaadiSaga.com.
Matrimony.com to Acquire Leading Wedding Services Aggregator ShaadiSaga
APN NEWS – July 7 – Matrimony.com, India's leading online matrimony company, has signed definitive agreements to acquire a 100% stake in Boatman Tech Private Limited, promoters of ShaadiSaga.com (a Delhi-based fast-growing online wedding services company) as approved by its Board of Directors. Founded in 2015, ShaadiSaga is a leading player in the Wedding Services industry, with 40K vendors across multiple services and catering to customers across 15 major cities in the country. Following this acquisition, ShaadiSaga's founders – Himanshu Kapsime (CEO) and Manish Garg (COO), along with another key leader – Niraj Patel (CPO) will join Matrimony.com in senior leadership roles.
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Matrimony.com to Expect Better Profit Growth
TIMES NOW NEWS – June 24 – The stock of Matrimony.com has gained ~2.5x in the last one year. Murugavel Janakiraman, Founder and CEO of Matrimony.com said: "Covid has led to increased digital adoption in the Matrimony business and expects the momentum to continue. Growth has been broad-based across geographies in India and across Tier II and Tier III markets." Increase in marketing expenses had led to impact on profits, said Janakiraman. Profits grew 40% last year and he expects profits to grow at a much better pace than last year.