Matrimony aims to get listed soon to accelerate growth

 Matchmaking portal Matrimony, which operates the BharatMatrimony brand, aims to get listed soon to accelerate growth.

“We have filed for Draft Red Herring Prospectus (DRHP) and got approval from market regulator Sebi seven months ago. We are looking to raise Rs 350 crore soon. After Just Dial, Infibeam and Info Edge, this is a major IPO by an Internet company, and the first from Chennai, ” Matrimony Managing Director Murugavel Janakiraman told DH.

According to the draft paper, Matrimony’s IPO comprises fresh issue of equity shares worth Rs 350 crore and an offer for sale of up to 1.63 million scrips by existing shareholders.

When asked on what was the need for an IPO, Janakiraman said, “Till date, we have raised around Rs 100 crore only. Going for listing is an important milestone for any company. We are raising money which will help us accelerate our growth. We are allocating Rs 150 crore for marketing strategy. We are investing about Rs 34.3 crore on a technology centre in Chennai.”

The company founded in 2001 by Murugavel Janakiraman has over 3,500 employees currently. It has over 150 company-owned retail outlets across India where potential or existing customers can walk in and seek the assistance of retail executives to register on its websites and/or make payment for the matchmaking product or service of their choice.

The company’s micro-market strategy differentiates it from other players in India and enables growth in a fragmented and unorganised industry.

It offers premium services through EliteMatrimony, which is a personalised matchmaking service delivered through relationship managers who help shortlist prospects based on their preferences and facilitate introductions, phone calls, and meetings between the interested member families.

From matchmaking services, the company has recently ventured into wedding services by introducing MatrimonyPhotography.com to provide wedding photography and videography services.

“Through MatrimonyPhotography, we provide photography and videography services, some of which may be outsourced, from trained personnel. We upload the pictures on the cloud. The family members can select the photographs for the wedding album. The pilot project is reaching a good threshold, and we are currently operating in states including Tamil Nadu and Kerala,” Janakiraman added.

The company has over 50% market share and has ventured into 15 different languages groups and communities. “We have a database of 2.65 million active profiles who are looking for life partners. 20.89 million free profiles have been added to our database since January 2006,” Janakiraman said.

The online matchmaking industry is still at a nascent stage and accounts for approximately 4% of marriages in India. The majority of the categories of marriage services in India are unorganised and highly fragmented, presenting a potential opportunity for an organised aggregator to provide these services. According to the Online Matchmaking Report, there were approximately 58.50 million individuals in India who were actively seeking prospective life partners. In India, every year around 10-12 million weddings takes place.

The company charges Rs 4,200 for a basic three-month subscription fee. The company also provides personalised matchmaking services through relationship managers, where the charges vary.