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Matrimony.com files papers for IPO to raise Rs 350 cr

Bharat matrimony

Matrimony.com, which runs online match-making portals such as Bharatmatrimony.com, is looking to raise Rs 350 crore via an initial public offering (IPO), reports Reuters.  The Chennai-based company has appointed Kotak Mahnidra Bank and Citigroup Global Markets and Deutsche Equities India as managers for the issue.

The company said that it will be filing its draft red herring

Matrimony.com counts Silicon Valley venture capital firms as its Canaan Partners, Mayfield and Bessemer Venture Partners its investors. The Reuters report also added that Matrimony.com generated Rs 232 crore in revenue from 647,000 paying subscribers last year.

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

The online portal earlier used to operate as Consim Info but was demerged in 2013 and it spun off its real estate portal IndiaProperty.com as a separate entity. In 2011, Yahoo exited Consim Info and sold 87,832 Series A Preferred Shares to Bessemer India Capital Holdings II Ltd, Canaan VII Mauritius and Mayfield XII Mauritius.

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Yahoo and Canaan Partners had invested $8.6 million in Consim Info in 2006, and $11.75 million in a round led by Mayfield Fund, which also had participation from Canaan Partners and Yahoo.An Economic Times report had mentioned that Canaan Partners is estimated to have held around 25% while Mayfield and Bessemer together own around 20%. The rest of the shares is said to be held by Matrimony CEO Murugavel Janakiraman.

In recent times, Matrimony.com bought Bangalore based Matchify, a dating app for “like minded” people and relationships. Matchify, which is owned by Matchify Services Private Limited, claims that it is especially focused on women with features like verified profiles, secure chat, profile visibility, abuse reporting and blocking.

Matrimony’s competition includes  portals such as Shaadi, Times Group’s* SimplyMarry and Info Edge-owned Jeevansaathi.

Disclosure: Times Internet and Info Edge are advertisers with MediaNama


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