Matrimony.com expects double digit growth to continue: Founder
Chennai, Sep 28 (PTI): Matchmaking service provider Matrimony.com was expecting to record double digit growth in revenues and would invest in products and marketing to garner a larger pie of the market share, a top official said.
Matchmaking service provider Matrimony.com was expecting to record double-digit growth in revenues and would invest in products and marketing to garner a larger pie of the market share, a top official said. The city-based company witnessed an impact of the COVID-19 on the industry, however, saw its membership grow by 30 percent during the period, Matrimony.com founder-CEO, Murugavel Janakiraman said.
"The reason (for the increase in membership by 30 percent) was professionals who were postponing their marriage due to career priorities started signing up since they had more time (during the lockdown)...," he told P T I. The move towards the use of digital technology also helped the company to record growth in revenues in recent months, he said.
On the measures the company took to overcome the pandemic outbreak, he said, "we adapted (to the new norms) quickly be it in enabling thousands of employees to work from home, driving down costs or improving efficiency." Stating that the company's April-June quarter did witness an 'impact' due to COVID-19, he said, "this quarter (July-Sep) we are having the best growth in the last couple of years. We expect the momentum to continue". Asked whether the company was looking at strengthening its services in rural areas, he said, "digital penetration and adoption have been high across the Tier II and III cities, where we have been growing fast. This is an opportunity to grow the matrimony category." On the company's launch of the video chat feature, he said the video calling feature has seen very good reception from members who were seeking prospective alliances for their son and daughters.
"Our video calling has helped many take their (marriage) conversations forward even during the lockdown period", he added. To a query as to whether the company announced salary cuts to employees, he replied in the negative.
"No, we did not do any salary cuts. But we did optimize our resources a bit," he added. On the outlook for the company, Janakiraman said, "We expect to continue double-digit growth (in terms of revenues) and shall invest in product and marketing to grow the market share".
According to a company statement, Matrimony.com holds a 60 percent market share and BharatMatrimony is the flagship brand. For the year ending March 31, 2020, the company closed revenues of Rs 371.80 crore with 7.04 lakh subscribers.
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