Lockdown has deferred weddings in India but online matchmaking is on the rise
- Matrimony.com runs Bharat Matrimony, a popular platform for matchmaking.
- The matchmaking business saw its revenue grow by 5.8% on a quarterly basis.
- However, its net profit for the quarter stood at ₹6.77 crore, a 4.6% fall from the recorded profit in the same quarter the previous year.
However, wedding portal Matrimony.com is still raking in money through its matchmaking portal. The matchmaking business saw its revenue grow by 5.8% on a quarterly basis and a 13% yearly jump. But its marriage services segment – which includes services like photography, catering and decoration, has taken a serious hit.
|Matchmaking service revenue||93 cr||87.8 cr||88.6 cr||91.06 cr||82.15 cr|
|Marriage services revenue||1.1 cr||2.2 cr||3.6 cr||4.4 cr||3.9 cr|
However, its net profit for the quarter stood at ₹6.77 crore, a 4.6% fall from the recorded profit in the same quarter the previous year.
“In the last 2 weeks of March, business was impacted due to the unprecedented crisis of COVID-19. The company fell short of ₹100 cr+ billing in matchmaking due to this impact and thereby falling short of a double digit billings growth on a Q/Q basis and Y/Y Basis,” said the company’s investor presentation.
Matrimony.com runs Bharat Matrimony, a popular platform for matchmaking. It also added 1.45 million free profiles and 183,348 paid subscriptions during the quarter.
"Despite the challenging situation caused by COVID-19, we were able to demonstrate a double-digit revenue growth (13% yoy) in matchmaking and an increase in profitability in Q4. We continue to improve our product and services to provide superior customer experience. Our robust balance sheet will help us to navigate these troubled times and with the right interventions, the business can emerge stronger when the situation improves,” said Murugavel Janakiraman, chairman and managing Director, Matrimony.com.
In fact, even during lockdown the platform saw a 30% increase in the number of registrations.“The engagement level of customers and profile acquisitions on our site is growing. To meet the rising demand, we have leveraged our services also,” Janakiraman told New Indian Express.
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