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Matrimony.com, which was looking to raise Rs 550 crore last month through its initial public offering (IPO), has decided to postpone its IPO launch “due to weak market conditions,” reports VCCircle. The matrimonial services group will decide when to re-file its IPO documents based on a board meeting which may not be taking place any time soon. Matrimony had filed its DRHP in August last year and was looking to raise Rs 350 crore. Its SEBI approval for the IPO expires on 18 December.

This October, the company said that of the Rs 550 crore that it was looking to raise through the IPO, Rs 350 crore would go to Matrimony as primary offering and the rest would provide an exit for VC firm Bessemer Venture Partners, which was looking to offload around 1.66 million shares. Majority of Matrimony’s shares (79.63%) are held by CEO Murugavel Janakiraman, followed by Bessemer (9.89%), Mayfield Mauritius (5.19%) and CMDB II (2.92%). In its DRHP, the company mentioned that Canaan Partners sold its investment, which was taken up by CMDB II.

Messaging and dating apps

Earlier this year, BharatMatrimony launched 2gether, an Android messaging app which let its users share text and voice messages, photos, videos, set reminders and share locations. A year ago, Matrimony had bought Bangalore based Matchify, a dating app for “like minded” people and relationships.

Financials

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).