Chennai-based match-making portal, Matrimony.com is reportedly planning to get listed by November this year.
As per the draft, Matrimony’s IPO seeks to raise up to $53 Mn (INR 350 Cr) and an offer for sale of up to 16.60 lakh scrips by existing shareholders.
Founded in 1997 by Murugavel Janakiraman, Matrimony.com launched its online matchmaking services in 2001. It offers its services in three verticals: matchmaking services, marriage services and related sale of products and other services, such as the mobile-only relationship app Matchify.
The company owns a string of matrimony-related consumer internet properties including BharatMatrimony.com, EliteMatrimony.com, CommunityMatrimony.com, AssistedMatrimony.com, MatrimonyDirectory.com and Tambulya.com. Besides, it also has a dedicated internet channel named tv.bharatmatrimony.com, which offers video clips of celebrity weddings, polls and interviews among others.
Commenting on the development, Murugavel Janakiraman, founder and CEO, Matrimony.com said, “We have expanded from Bharat Matrimony to other regional languages and community sites to maximise our revenues and market share. We have 300 plus sites now. We have India’s first elite matrimony service for the rich and affluent. The company is planning to raise $82 Mn, of which $52 Mn as primary offering will go into the company. If everything goes well, we will be listing in (the next) four to six weeks.”
With the proposed IPO, Bessemer Venture Partners will be able to exit the company along with a few other investors.
Matrimony.com is backed by Bessemer India Capital Holdings, Draper Investment Company LLC, Hartenbaum Revocable Trust and Indrani Janakiraman. With this, the company seeks a valuation of $450 Mn- $500 Mn (INR 2,700Cr – 3000 Cr).
As per an official statement, the company’s current valuation is around $715 Mn (INR 4770 Cr) with revenues increasing upto 16% from the last fiscal year.
It is the second consumer internet firm to file documents to go public in India after ecommerce firm Infibeam.com. In 2015, ecommerce giant Flipkart also announced its plans to raise $5 Bn through IPO.
This development was reported by VCCircle.