Matrimonial platforms witnessed a surge in both user registrations and revenues in the last two years of the pandemic as people took the digital route to seek life partners. With normalcy returning and with it, in-person meetings, Matrimony.com, which runs platforms like BharatMatrimony.com, among others – saw double digit growth across the last five quarters, due to pandemic-induced tailwinds. With some sense of normalcy returning, it has quickly identified new avenues to sustain growth.
It has now set its sights beyond the Indian market with its launch of BangladeshiMatrimony.com in Bangladesh, and has plans to foray into regions such as Malaysia and Sri Lanka, shares its founder and CEO, Murugavel Janakiraman. The company has also rebranded and expanded its wedding services and venue booking platforms, WeddingBazaar.com and Mandap.com, respectively.
In Q2 and Q3 of FY22,Matrimony.com recorded billings of over 100 crore each, while adding over 2,00,000 paid subscriptions, and maintaining a 12.2% YoY revenue growth rate. It earned a revenue of400 crore in CY2021.
A match made in small towns
Matrimony.com acquired Delhi-based online wedding services platform ShaadiSaga late last year and is integrating it into its wedding services business, a move that could help bolster its presence in the northern and western markets. Janakiraman believes the scope for growth from ‘Bharat’ or India’s tier-III markets is immense, and far higher than that of the metros or tier-I markets. “Over 40% of our users are from these markets and that number will only increase. The introduction of UPI (United Payments Interface) also made online payments simple for these consumers, and has encouraged paid membership,” he says. He expects the online matchmaking category, estimated at 800 crore currently, to be largely driven by Bharat to reach the2000-crore mark within the next five years.
It recently launched matchmaking app Jodii, targeted at non-degree holders, priced at `900 for a three-month membership. Since users can register on it merely with a phone number, the app can reach vernacular audiences.
While Matrimony.com has a stronghold in South India, the North remains its Achilles’ heel. “Competitors like Shaadi.com and Jeevansaathi.com still have a stronger market share in the North, which is why in recent years, Matrimony.com has taken some steps to become a noteworthy pan-India player,” notes Naresh Gupta, managing partner, Bang In The Middle. Its advertising campaigns with brand ambassador, MS Dhoni and its “progressive messaging” are perhaps a step in that direction.
Going niche
One of the key issues with formal matchmaking is discoverability, making it challenging for users to find matches that fit a certain requirement. This is where Matrimony.com’s niche offerings come in, with over 18 community-specific portals and other background-specific platforms, like EliteMatrimony and DivorceeMatrimony. It plans to roll out more niche products.
Such products are necessary for matrimonial companies to grow in a market like India, says M K Machaiah, chief client officer and office head – South, Wavemaker India. “Products serving the ethnic and socio-economic diversity of our country, embedding more features to enrich experience while simultaneously enhancing privacy and localised marketing initiatives, are a definitive way forward,” he points out.
Eventually, national players will have to look at an acquisition strategy to reach certain consumer segments that only the smaller, specialised players can crack. “To gain market share and win consumer trust, large players must step up consumer engagement levels and address serious issues like fake profiles on their platforms,” recommends Manika Juneja, executive vice president – operations, WATConsult.
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