Murugavel Janakiraman, the CEO of Matrimony.com, launched India’s first matchmaking website more than 20 years ago, and now he’s entering the job search sector. Manyjobs.com, the newest of Matrimony.com’s stables, aims to link recruiters and job seekers seeking entry-level or “frontline” positions in this “grey-collared” sector, as Janakiraman refers to it.
In an exclusive interview with a media channel, Janakiraman stated that the company recognised a market opportunity in the grey-collar job-search market. Manyjobs.com is a dedicated job portal for the grey-collar workforce, which makes up 45% of India’s total workforce. The company asserts that this is not just another job portal.
Entering at the Right Time
According to the matchmaking tech expert, there is a gap that has to be filled, so now is the ideal moment to enter the job-search market. He noted that while there weren’t many job openings nearly 20 years ago, there are now openings because job openings have also gone up. The firm’s challenge is to bridge the gap in the grey-collar job market by connecting recruiters and job seekers.
According to Janaikraman, manyjobs.com will focus on filling openings in industries including customer service, retail, sales, business process outsourcing (BPO), and healthcare. He is of the opinion that the website’s primary distinguishing feature is that incumbent employment portals, such as Monster.com and Naukri, do not exclusively focus on entry-level or front-line positions.
Not Monetising Manyjobs.com
It’s interesting to note that Janakiraman has no plans to make money off of Manyjobs.com for at least the next two quarters: Revenue is not the company’s goal; instead, it recognises the current need for a dedicated grey-collar job portal. He went on to say that the company would start making money from it in a few quarters. Some companies are willing to subscribe, but it’s too early to discuss that at this time, he noted.
Now, it is hoped that Manyjobs.com would reach its benchmarks and start placing applicants as well. If everything goes according to plan, Matrimony.com will expand its new website into new Indian markets by Q1FY26 and intensify its ambitions to build a dedicated job platform for grey-collar occupations.
Matrimony.com Introduces a Financial Platform to Provide Financing for Weddings
On 15 November, Matrimony.com, a matchmaking service provider, announced the launch of weddingloans.com, a financial technology platform with the goal of assisting with marriage-related expenses.
To provide a full lending solution, the company has worked with top financial institutions like Larsen and Toubro Finance, Tata Capital, and IDFC. According to an official statement released by Matrimony.com, this platform will do more than just provide wedding loans; it will assist clients in making the best choice possible, paying particular attention to their financial security.
Since wedding costs have increased over the past ten years and extravagant weddings have become more popular due to social media, many couples are choosing to take out personal loans for their union, according to the WeddingLoans website.
On 15 November, Matrimony.com, a matchmaking service provider, announced the launch of weddingloans.com, a financial technology platform with the goal of assisting with marriage-related expenses.
To provide a full lending solution, the company has worked with top financial institutions like Larsen and Toubro Finance, Tata Capital, and IDFC. According to an official statement released by Matrimony.com, this platform will do more than just provide wedding loans; it will assist clients in making the best choice possible, paying particular attention to their financial security.
Catching on the Opportunity
Since wedding costs have increased over the past ten years and extravagant weddings have become more popular due to social media, many couples are choosing to take out personal loans for their union, according to the WeddingLoans website.
For more than 20 years, marriage has served as a springboard for fulfilling unions. For millions of people looking for the right match, Matrimony is their go-to partner. According to CEO Murugavel Janakiraman, the company wants to expand its offerings with WeddingLoan.com in order to simplify the planning, budgeting, and execution of weddings.
According to the statement, these wedding loans are unsecured personal loans designed to give a couple a one-time payment and then require them to make regular installments to pay back the loan. According to Janakiraman, Matrimony.com would completely safeguard the interests of its customers thanks to its open advisory-led procedures.
Current Wedding Loan Scenario in India
A major change is occurring in the wedding industry: millennials want to finance their own special day instead of burdening their parents. Although this is a considerate gesture, it is most practical when the couple has saved money beforehand; otherwise, they will have to take out a loan. Couples are increasingly using personal loans designed especially for wedding finance to address rising expenses.
Personalisation, unique experiences, and destination or themed weddings—all of which are fueled by the demand for approval and “likes” on social media platforms like Instagram—are the main factors driving the trend towards wedding loans.
About 26% of brides and grooms who intend to pay for their own weddings think about taking out personal loans, citing the IndiaLends Wedding Spends Report 2.0. 68% of individuals who are thinking about taking out a loan intend to borrow between INR 1 lakh and INR 5 lakh. In October and November of 2023, 1,200 millennials participated in the survey.
Banks, non-banking financial companies (NBFCs), and fintech lenders all approach wedding loans as personal loans with comparable qualifying requirements. According to Gaurav Chopra, founder and CEO of fintech lender IndiaLends, customers normally require a decent credit score—ideally above 730—to qualify because it shows responsible credit behaviour. Recent bank statements and evidence of a consistent income are also required by lenders. A solid repayment history is also essential, with no late or missed payments for the previous one to three years.
The impact of lockdown during the COVID-19 pandemic can be seen in almost all business sectors, but matrimonial sites were an exception, as they had witnessed a huge growth in the number of new customers. With most people being confined to their houses amid the lockdown, they were spending more time browsing online matrimonial websites in order to find the right match.
The pandemic had helped various matrimonial sites like Shaadi.com, Jeevansathi.com, BharatMatrimony, etc. garner more customers. From offering special schemes to helping couples get married virtually amid lockdown, these websites were not leaving any stone unturned to attract more customers.
Murugavel Janakiraman, Founder and CEO of Matrimony.com, whose flagship brand is BharatMatrimony, said that their site receives an average of 14,000 to 15,000 registrations in a day, but after the lockdown, there had been a rise of 30% in the number of registrations.
Similarly, Shaadi.com had also seen a 20% rise in new customer registrations during the lockdown period.
Now, as we dive into the fascinating world of matrimonial sites and their extraordinary growth during the pandemic, we’ll explore the reasons and exciting developments that brought in a surge of new customers, fostering meaningful connections in such challenging times.
The growth of matrimonial sites during the pandemic can be attributed to several key factors that uniquely catered to the changing circumstances brought on by lockdown restrictions. One of the primary reasons behind this surge was the widespread adoption of remote work. With the majority of professionals working from home due to lockdown restrictions, they found themselves with ample free time as daily commutes and other social engagements were restricted. This newfound time presented an opportune moment for many to explore and engage with online matrimonial platforms, dedicating more attention to browsing potential partners’ profiles and shortlisting suitable matches.
In the pre-pandemic era, the demanding nature of work and busy schedules often hindered youngsters from fully engaging in the search for life partners. However, the lockdown period allowed them to prioritize their quest for companionship, leading to increased interest and participation in online matrimonial sites.
Moreover, the pandemic’s emotional toll and the desire for stability and connection further motivated individuals to seek meaningful relationships. With uncertainties surrounding the world outside, many turned to these platforms as a way to forge lasting bonds and find solace in the prospect of a committed relationship.
“The engagement level of customers and profile acquisitions on our site is growing. To meet the rising demand, we have leveraged our services also” said Murugavel Janakiraman,founder and CEO of Matrimony.com.
Matrimonial sites also adapted to the changing demands by offering unique incentives to their customers. The companies were providing special offers wherein customers didn’t have to pay for the lockdown days, and their memberships would be extended automatically.
Shaadi.com is one of the best matrimonial sites in India, and it utilized the opportunity to enhance its reach among customers by focusing more on social media campaigns. Besides, in order to help couples who were not able to tie knots due to the lockdown, Shaadi.com launched an innovative initiative called “Weddings from Home”. This online wedding service aimed to facilitate smooth virtual weddings for couples wanting to tie the knot during the restrictive period.
Through the “Weddings from Home” initiative, Shaadi.com provided comprehensive end-to-end services to honor couples’ big days virtually. From arranging priests to officiate the wedding and offering bridal makeup tutorials to organizing sangeet singers, all ceremonies were seamlessly conducted through online video calls. The platform’s efforts received widespread acceptance, with even tech-challenged relatives and friends wholeheartedly embracing the idea, offering unwavering support to the couples during those extraordinary times.
Weddings From Home by Shaadi.com
Increasing Revenues of the Matrimonial Sites
The growth in traffic and registration had led to positive growth in revenue as well; it was not linear but still positive. In the arranged marriage set-up, most users consult their families before making decisions, hence, in pre-Covid times, most of the traction came on weekends. But during the pandemic, traffic was almost evenly distributed on weekdays as well.
The matrimonial site, Jeevansathi, experienced significant growth throughout the lockdown, as its billings grew by 13% in Q1’21, and in the months of July and August, the billing growth has been even better. In August, the billing grew by 23%. The surge in registrations and user activity on the platform during the lockdown contributed to this growth. Additionally, its strategic marketing efforts resulted in attracting more new users.
During the pandemic, BharatMatrimony, one of the first matrimonial sites, led the country’s organized online matchmaking sector with a 60% market share, followed by Shaadi.com with a 30% share and Jeevansathi with a 10% share. Beyond these well-known platforms, there are also numerous regional and language- or community-based websites and portals catering to specific preferences. The top three players in the matrimony business—BharatMatrimony, Jeevansaathi.com, and Shaadi.com—contribute to a substantial share of the country’s online matchmaking sector, with combined revenue exceeding Rs 1,000 crore.
The remarkable increase in traffic, registrations, and user engagement not only expanded the user base but also contributed to the positive growth in revenue for matrimonial sites during the pandemic.
Jeevansathi generated a revenue of Rs 96.9 crore, whereas Matrimony.com generated a revenue of Rs 377.8 crore in FY21.
Revenue Growth of Top Indian Matrimonial Sites (Jeevansathi.com, Matrimony.com)
The Impact of Video Features on Matrimonial Sites
Matrimonial sites are embracing new ways of matchmaking, and video features have played a pivotal role in their growth, even during the lockdown days.
Shaadi.com, which is one of the most popular matrimonial websites in India, launched Shaadi Meet, a video/voice calling feature exclusively for premium members. With in-person meetings restricted due to the pandemic, this feature enabled potential brides and grooms to interact safely through virtual means.
The response was overwhelming, with nearly 75,000 users utilizing the service on the first day, escalating to 105,000 users on the following day. In less than a month, the number of video calls exceeded 500,000, indicating the growing acceptance of this innovation in matrimonial match-ups.
The introduction of video calling features addressed the need for safe communication among users who were hesitant to share personal contact details like WhatsApp numbers with strangers. In this aspect, Bharat Matrimony’s “Secure Connect”feature further empowers women, allowing them to receive calls from premium members without disclosing their contact numbers. Women have full control over responding to the other party, ensuring privacy and safety in their search for a life partner.
Experts say this added feature will help empower women. “It might address the phenomenon of men stalking women. Restricting men’s ownership of communication is very welcome,” said Madhavi Menon, Director of the Center for Studies in Gender and Sexuality at Ashoka University.
Overall, the incorporation of video features into matrimonial sites has not only deepened user engagement but also enhanced the safety and convenience of the matchmaking process, making it an invaluable tool in such challenging times.
Pandemic’s Growing User Base for Matrimonial Sites
The pandemic has brought about a shift in the target audience of matrimonial sites, with specific groups showing increased interest in finding a life partner through these platforms.
One significant segment includes Indians who are divorced or have lost their partner and are now considering another partner.
Rohan Mathur, the Chief Business Officer at Jeevansathi said, “In the last two months, we have also seen an increase in second marriage profiles, and the year-on-year growth has doubled. Additionally, the growth seen in second marriage profiles during COVID-19 has outdone the overall platform growth.”
Another group contributing to the surge in users on matrimonial websites consists of working individuals who are single. Adhish Zaveri, the Marketing Director of Shaadi.com, highlights that singles were already active on the platform before the pandemic, accounting for 70% of the profiles. However, the COVID-19 period has further accentuated this trend. Engagement on Shaadi.com in small cities witnessed a rise of 30–35%. The easing of restrictions, or “unlocks,” has also played a role as people consider organizing weddings in a small, intimate setting.
As the pandemic continues to impact lifestyles and relationships, matrimonial sites are witnessing an increased influx of users, catering to the diverse needs and preferences of these specific target groups.
One of the negative aspects of matrimonial sites that comes with an increased number of users is fake profiles. The number of signups has gone up by an average of 400% week-on-week from what it was before COVID-19, which unfortunately includes an increase in the number of fake profiles. To counter them, the websites are introducing more advanced profile filtering and privacy control technology.
The trend of increasing signups is also visible on EliteMatrimony, which caters to people with high net worth and celebrities. In India, about 60 million people are looking for life partners at any given time, out of which 10 to 12 million get married a year, which constitutes 24 million couples. When it comes to online matchmaking, only 6 to 7 million people register, out of which only 20% find a match, said Mr. Janakiraman.
Conclusion
Despite the constraints posed by the pandemic and lockdown, the wedding industry witnessed a significant surge in the number of customers registering on matrimonial sites. In India, the wedding market, valued at a staggering $50 billion, has been experiencing rapid annual growth rates. The digital shift has prompted the wedding marketplace to enhance its product features, offering an enhanced mobile app experience to cater to the evolving preferences of its customers.
With more people turning to online platforms to find their life partners and organize weddings in the face of lockdown restrictions, matrimonial sites became a vital lifeline, fostering meaningful connections and paving the way for the celebration of love amid the unprecedented circumstances. As the industry continues to adapt to the changing landscape, the growth and innovations witnessed during the past pandemic are likely to have a lasting impact on the future of weddings and matrimonial services in India.
FAQs
What is a matrimonial site?
A matrimonial site is a platform that helps brides and grooms find their perfect match.
How many matrimonial sites are there in India?
There are over 1500 matrimonial sites in India. Some of the leading matrimonial sites are Shaadi.com, BharatMatrimony, Jeevansathi.com, and more.
How do matrimonial sites make money?
Matrimonial sites make money through various methods, including annual subscription services, premium features, and advertising.
Which is the best matrimonial service in India?
Some of the best matrimonial sites areBharatMatrimony.com, Shaadi.com, Jeevansaathi.com, Vivaah.com, and SecondShaadi.com.
What is the market share of matrimony sites in India?
In India, BharatMatrimony holds the dominant position in the organized online matchmaking sector, capturing 60% of the market share. Shaadi.com follows closely with a 30% share, while Jeevansathi holds 10% of the market share.
How do you find yourself a perfect partner in matrimony?
Tips to Find Your Perfect Partner on a Matrimonial Site:
Establish a strong connection with someone you resonate with.
Conduct background research to ensure compatibility and trustworthiness.
Seek a partner who shares common interests and values.
Mutual respect is crucial in any relationship.
Invest time in getting to know each other better.
Spend quality time together to strengthen your bond.
Assess their loyalty and trustworthiness in the relationship.
Nitin Konde
