Marriages spell big bucks for dotcoms
Indian marriages are turning out to be a money spinner for internet ortals providing match-making services.india Updated: Jan 09, 2007 12:33 IST
Indian marriages are turning out to be a money spinner for internet ortals providing match-making services and with small town and country bumpkins also logging in search of a soulmate, its market size is expected to touch nearly Rs 100 crore this fiscal.
Once confined to 'pundits', match-making has moved on to the virtual world and has become a booming business, attracting investment not only from domestic companies and funds but even from US internet giant Yahoo.
With a host of players, matrimonial portal business is all set to expand gigantically with its market size expected to grow more than 50 per cent this fiscal, to touch about Rs 90 crore against the estimated Rs 58 crore in 2005-06.
"Online match-making has assumed industry proportions and is growing at a good pace. It is expected to be worth Rs 90 crores in 2006-07 fiscal," J Murugavel, CEO of Bharatmatrimony.Com, (where Yahoo and venture investor Canaan Partners invested 8.65 million dollars last year), one of the biggest matrimonial website, said.
Murugavel said registrations with his website, by prospective brides and grooms, has been on the rise and "the numbers are likely to go up in the coming time."
The growth of the internet in India and its increasing penetration, even in smaller cities, is one of the factors behind the acceptance of the medium.
"We expect to register 2.5 million users in 2006-07 as compared to 1.5 million that we registered in 2005-06," Murugavel said, pointing out that the company total registrations over the years were around nine million.