After turning its real estate portal IndiaProperty.com into a separate business, Chennai-based privately-held Consim Info, which owns popular matchmaking portal BharatMatrimony.com, has changed its name to Matrimony.com. With this, the company would offer all its matrimony services under Matrimony.com, a move considered a precursor to its planned initial public offering (IPO).
According to reports, the company is planning to raise $100-$125 million through an IPO this year. On the IPO, Murugavel Janakiraman, founder and chief executive of Matrimony.com (previously Consim Info), said, "It will happen when we are ready; at the right time."
On the change of name, he said as the company was running various matrimony brands under different names, it decided to own the Matrimony.com brand name. This would help it to offer various matrimony platforms and services under a single brand. "We felt when we are offering various matrimony services and creating so many matrimony brands, it is good to have Matrimony.com as the name of the entity,"said Janakiraman.
He added the company had been named Consim Info (which stood for 'consumer services through internet and mobile') in 2006, when it was offering other consumer internet services on jobs, matrimony, property and automobile. In November 2012, the company sold majority stake in its job portal ClickJobs.com to a Delhi-based realtor. Recently, it de-merged its real estate portal IndiaProperty.com into a separate entity.
Apart from the flagship BharatMatrimony.com, the company also owns other online matrimony platforms such as EliteMatrimony, PrivilegedMatrimony, AssistedMatrimony and PopularMatrimony. The company, which accounts for a share of about 65 per cent in the online matrimony market, has also launched services in Pakistan, Bangladesh and Sri Lanka.
The company plans to expand in the marriage services segment by offering dedicated platforms. It is already present in the marriage services segment through MatrimonyDirectory.com (a listing portal for people in matrimony business), MatrimonyGifts.com and Tambulya.com.
So far, Matrimony.com has raised about $20 million in venture capital funding from Draper Investment, Bessemer Venture Partners, Canaan Partners and Mayfield.