Online Personals Watch: News on the Online Dating Industry and Business

AI Is Transforming India's Matrimony Industry

THE WALRUS - India has ~1,500 matrimony platforms, a market worth hundreds of millions of dollars. Betterhalf.ai, launched in 2016, competes with Shaadi.com, Jeevansathi, and Matrimony.com by using AI for matchmaking without parental involvement. Traditional arranged marriages still dominate, with 90% of Indian marriages arranged, and on Shaadi.com, 40–50% of profiles are managed by parents. Matrimony.com, India's largest publicly listed matrimony platform, had a market value of ~$16M and annual revenue of $57M, 850K subscribers, and ~100K successful matches as of 2021. Betterhalf.ai, founded by MIT graduates Gupta and Namdev, has 1M monthly users and a 30% paid subscriber retention rate, outperforming Bumble, Hinge, and Tinder (10% retention). In March 2023, it raised $8.5M from investors, including Instagram and Dropbox co-founders. The company plans to evolve into a "marriage super app," offering wedding services, pregnancy support, and more.

by Mihika Agarwal
See full article at The Walrus

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Matrimony.com CFO Resigns; New Director and Ad Campaign Announced

INDIAN TV - Matrimony.com announced the resignation of CFO Sushanth Pai, who served for six years, to pursue other opportunities. Media veteran Rajesh Sawhney has been appointed as an additional independent director. Additionally, the company is launching a new ad campaign in January featuring Anil Kapoor.

See full article at Indian TV

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Actor Anil Kapoor Becomes Matrimony.com's Brand Ambassador

BRAND EQUITY - Matrimony.com has appointed renowned Indian actor Anil Kapoor, known for his roles in Slumdog Millionaire and Mr. India, as his brand ambassador to promote its community-based matrimony services. A marketing campaign, including TV commercials targeting BrahminMatrimony, RajputMatrimony, AgarwalMatrimony, and KayasthaMatrimony, will launch in January 2025.

See full article at Brand Equity

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Matrimony.com Expands Into Job Market With ManyJobs.com Launch

DECCAN HERALD - Matrimony.com, a company known for online matchmaking, has launched ManyJobs.com, a job portal focusing on Tamil and English speakers, targeting job seekers in India's domestic market.

See full article at Deccan Herald

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Matrimony.com Launches WeddingLoan.com

BUSINESS TODAY - Matrimony.com has launched WeddingLoan.com, a fintech platform offering tailored wedding loans in partnership with leading financial institutions like IDFC, Tata Capital, and L&T Finance. Aimed at simplifying wedding planning, the platform provides transparent loan options, tools, and ethical guidance without relying on commission-based agents. CEO Murugavel Janakiraman emphasized the company's commitment to helping couples plan weddings without financial stress. The launch positively impacted Matrimony.com's stock, which rose 2.38% to ₹668.10 on the NSE.

See full article at Business Today

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Matrimony.com Optimistic About Revenue Growth

CNBNC TV18 - Matrimony's CFO Sushanth Pai anticipates a strong recovery in Q3 and Q4, fueled by the wedding season and new initiatives like The Great Indian Matchmaking Fest. Matrimony.com posted Q2 revenue of ₹115 crore ($13.6m USD), down 5% YOY, with EBITDA margins at 15%, down from 16.7% last year. Average transaction value held steady between ₹4,400-4,500 ($53). The group has 300+ communities.

by Vivek Iyer & Mangalam Maloo
See full article at CNBC TV18

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Matrimony.com Muted Q2 Numbers, Launches Luv.com and ManyJobs.com

BUSINESS STANDARD - Matrimony.com billing revenue stood at Rs 111 crore ($13.1m USD) in Q2 2024, down 5.2% YOY. Profit After Tax was Rs 13.2 crore ($1.6m), down 5% YOY. EBITDA margins were at 15.2% in Q2. Murugavel Janakiraman, chairman and MD said, "This quarter was muted in terms of revenue growth due to seasonality. We expect to move to positive trajectory in Q3. To leverage on our brand strength and network effects, we have launched new / adjacent businesses. These initiatives have the growth potential in the years to come". The company launched an app (on Android) Luv.com in the matchmaking space to address next generation serious relationships. It also launched a new line of business called "ManyJobs.com" to focus exclusively on grey-collar, front- line and entry level jobs.

See full article at Business Standard

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Matrimony.com Surges 14% Ahead of Share Buyback Decision

BUSINESS STANDARD - Shares of Matrimony.com surged 14% on the BSE, hitting a 52-week high during Tuesday's intra-day trade, driven by the company's announcement that its board will meet on Sep 5, 2024, to consider a share buyback proposal. The stock has rallied 40% in the past three weeks and surpassed its previous high of Rs 785.05 on Aug 21. Matrimony.com, India's leading online matchmaking company, manages brands like BharatMatrimony, CommunityMatrimony, and EliteMatrimony. It is expanding into adjacent segments, including launching MeraLuv.com, a dating app for Indian Americans, and plans to release Luv.com, a next-gen matchmaking app. Analysts attribute the stock's rise to upcoming changes in India's share buyback tax regime, effective from Oct 1, which shifts the tax burden from companies to shareholders.

See full article at Business Standard

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BBC Interview - Global Dating Trends

BBC - Colleen McClain, a Senior Researcher at Pew Research Center, and Murugavel Janakiraman, Founder and CEO of Matrimony.com, were part of a special edition of BBC's global TV business program, Talking Business. The show explored trends in dating and online dating worldwide. While the UK and US are experiencing a shift from digital to in-person dating, the show delved into how this trend is evolving in India.

[**See the video here on Youtube**]

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Matrimony Reports Q2 Financial Results

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.

See full article at BusinessWorld

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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:

1. Pay either 15% or 30% using Google.
2. Pay 11% or 26% for using 3rd party payment gateways.
3. 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.

See full article at LinkedIn

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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.

See full article at AFAQS

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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.

See full article at LinkedIn

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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.

by Hemant Kashyap
See full article at Inc43

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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.

See full article at News Patrolling

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