indian-wedding-cmn, which runs online match-making portals such as, will be looking to IPO in November and is looking to raise Rs 550 crore, CEO Murgavel Janakiraman told MediaNama. This development was first reported by TechCircle.

Rs 350 crore will be going in to Matrimony as primary offering and the rest will provide and exit for venture capital firm Bessermer Venture Partners, Janakiraman said. Bessemer is looking to offload around 1.66 million shares.

Majority of the shares (79.63%) at the company are held by Janakiraman followed by Bessemer (9.89%), Mayfield Mauritius (5.19%) and CMDB II (2.92%). The company mentions in its DRHP that Canaan Partners sold its investment in the company and same was taken up by CMDB II.

Matrimony had filed its DRHP in August last year and at the time was looking to raise Rs 350 crore. It has appointed Kotak Investment Banking, Citigroup Global Markets and Deutsche Equities India as investment bankers for the exercise.

Apart from BharatMatrimony, the company also runs various other matrimony portals like PrivilegeMatrimony, Commnity Matrimony, EliteMatrimony and MatrimonyMatters. It also has a dedicated internet channel named which offers video clips of celebrity weddings, polls and interviews among others.

Financials and revenue

The company posted losses of Rs 1.67 crore in FY 11, Rs 3.79 crore in FY12, Rs 9.16 crore in FY14 and Rs 2.93 crore in FY15. For the fiscal year ended March 2013, Matrimony posted a profit of Rs 10.41 crore. The company mentioned that the losses in fiscal 2014 and 2015 resulted from the impact of exceptional expenses incurred in defending Matrimony, its promoter and certain investors in connection with the Desai et al. v. Infonauts, Inc.,et. al litigation. The legal costs in FY 15 were Rs 14.18 crore and Rs 18.90 crore in FY14.

It reported revenues of Rs 242.85 crore for the FY15. Majority of the company’s revenues came from its match making services (Rs 231.99 crore) followed by marriage services (Rs 7.35 crore) and sale of products (Rs 2.07 crore).

Also read: Breakup with older investors haunts Matrimony IPO

Acquisition of dating app

In April last year, bought Bangalore based Matchify, a dating app for people looking for serious relationships. On the app, women can initiate chats with men directly but not the other way round. It also has verified profiles, secure chat, profile visibility, abuse reporting and blocking.