TECH CIRCLE - Dec 12 - Matrimony.com has scrapped plans for an IPO this year, with just days remaining for its regulatory approval to lapse. "We have decided to postpone the IPO due to weak market conditions," said Matrimony.com's CEO. Matrimony.com was founded in 1997 and comprises three segments – matchmaking services, marriage services and related sale of products and other services, such as the mobile-only relationship app Matchify. It started offering online matchmaking services in 2001. Matrimony's net revenues more than doubled in the four years between FY11 and FY15. The company closed the year ended March 31, 2015 with net revenues of Rs 232 crore ($34M), up over 16% than the previous year. The company claims it has 647k paid subscribers. The company was looking at an IPO worth Rs 550 crore ($82M) of which ~Rs 200 crore was to go to its selling shareholders.
by Ankit Doshi
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