Matrimony.com rose 3.43% to Rs 1044.45 after the company announced acquisition of 100% stake in Boatman Tech, promoters of ShaadiSaga.com.
Matrimony.com is a pioneer in the wedding services industry as well, with its continued investments in this space and building a portfolio of offerings including WeddingBazaar.com and Mandap.com.
ShaadiSaga is one of India's leading online wedding planning brand and is a leading player in the wedding services industry, with over 40,000 vendors across multiple services and catering to customers across 15 major cities in the country. Through a robust digital presence built with strong social media and content marketing capabilities, ShaadiSaga has garnered consistent demand (over 1 million MAU) and with its technology-focused approach, ShaadiSaga offers a differentiated product experience.
This deal enables Matrimony.com to scale up its presence significantly in the North and West regions, strengthen its product capabilities and become the largest Wedding Services player across the country.
Following this acquisition, ShaadiSaga's founders - Himanshu Kapsime (CEO) and Manish Garg (COO), along with another key leader - Niraj Patel (CPO) will join Matrimony.com in senior leadership roles.
Murugavel Janakiraman, chairman and managing director of Matrimony.com, said, "Wedding services has immense potential to create a big impact with our customers. With this strategic acquisition, we will accelerate our growth through supply enhancement and superior product capabilities.
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We intend to integrate ShaadiSaga's product, technology and social media assets with our offerings i.e., WeddingBazaar.com and Mandap.com. With this approach, we believe that this deal will significantly strengthen the positioning of Wedding Bazaar.com and Mandap.com in the industry and will enable both brands to become the #1 wedding services brands pan India.
Matrimony.com delivers matchmaking and marriage related services to users in India and the Indian diaspora and is the manager of brands such as Bharat Matrimony, Community Matrimony and Elite Matrimony. The company has pioneered several new business models such as WeddingBazaar.com, Mandap.com and CommunityMatrimony.com, a consortium of over 300 community matrimony websites.
The company's consolidated net profit rose 49.41% to Rs 10.13 crore on a 7.46% increase in net sales to Rs 101.12 crore in Q4 FY21 over Q4 FY20.
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