Matrimony Reports COVID-19 Impact in Quarterly Financial Results

Written by Dominic Whitlock

Indian dating and matchmaking company Matrimony has reported its financial results for the quarter ended 30th June, 2020.

It brought in total revenue amounting to Rs 94 million ($1.25 million), a negligible year-on-year growth of 0.4%. However, this also represents a significant 38% jump compared to the previous quarter.

Furthermore, Matrimony added over 167,000 subscribers to its portfolio of matchmaking services during the three month period.

Murugavel Janakiraman, Chairman and Managing Director of Matrimony, said in a statement: “We were able to minimize the impact caused by COVID-19 in the quarter and we have returned to a growth trajectory in June.

“With many cost optimization measures,we were able to demonstrate a good growth in profitability. We continue to focus on multiple initiatives across product, campaigns and customer experience that will further enhance our market positioning and growth momentum”.

Matrimony’s flagship product BharatMatrimony has been experimenting with different ways to help its members further their relationships during the pandemic. At the beginning of June it launched an ‘At-Home’ wedding service, that put couples in touch with appropriate vendors to help them safely host ceremonies for up to 50 people.

BharatMatrimony also introduced a video calling feature so matches could stay in contact while they were isolating. Women were only able to receive calls from people that they had already messaged in order to give them an extra level of protection.

Matrimony currently has a marker cap of Rs 14 billion ($187.5 million).

Read more here.

Leave a Reply

Your email address will not be published. Required fields are marked *