Matrimony.com, one of India’s top matchmaking service providers, has agreed to buy ShaadiSaga.com, a Delhi-based online wedding services marketplace, for Rs 11 cr in cash.
Shaadisaga.com had revenue of Rs 2.11 cr for the year-ended March, down by about 45% from the previous year due to COVID-19.
Shaadisaga.com works by helping couples getting married to find out vendors of various services, such as caterers, event managers, music performers and so on.
Matrimony.com also said the acquired company has over 1 million users that come to its website every month, and over 40,000 vendors on its platform spread over 15 cities.
“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,” the Chennai-based company said. “..with its technology-focused approach, ShaadiSaga offers a differentiated product experience,” it added.
Matrimony.com too has two websites in the ancillary services segment, WeddingBazaar.com and Mandap.com, and might merge the newly acquired property with one of them.
“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,” the company claimed.
The Chennai-based company said 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.
The COVID-19 pandemic has dealt a deathblow to many companies catering to offline weddings and events. With no visibility of future revenues and earnings, many have found it difficult to generate funding and keep themselves afloat.
This has led to consolidation and an increase in mergers and acquisitions.