Finding a partner in India: Info Edge's matrimony and dating apps grow strongly
Matrimony platform Jeevansathi lifted quarterly revenue by 16.5 per cent and dating app Aisle by 35 per cent. So far only one of the two is profitable.
Symbolic image · Photo: Subha899 / Wikimedia Commons, CC BY-SA 4.0 (cropped and resized)
Indian internet group Info Edge, best known for its job portal Naukri, is increasingly earning money from matchmaking. In the quarter to the end of September, revenue at matrimony platform Jeevansathi rose 16.5 per cent to around ₹40 crore (1 crore = 10 million; about $4.2 million), according to quarterly results published at the end of October. The unit made a small profit of around ₹2 crore.
Dating app Aisle is growing even faster: its revenue rose 35.1 per cent to about ₹13 crore (around $1.4 million), and billings grew 40 per cent, according to trade publication Global Dating Insights. However, Aisle still posts an operating loss of around ₹3 crore. Combined, the two matchmaking services grew billings by 23.1 per cent year on year.
Measured against the whole group, matchmaking remains a small business: Info Edge's quarterly revenue was ₹903.9 crore, up 12.2 per cent on a year earlier. Net profit jumped 87 per cent to ₹649.8 crore, mainly thanks to a sharp rise in other income. Recruitment remains the biggest revenue source. A leadership change is also coming: CEO Hitesh Oberoi steps down from his full-time role on 2 December after nearly 27 years, and founder Sanjeev Bikhchandani is set to lead the group from 3 December.
This article is for information only and is not legal, tax, financial or medical advice. Figures as of the date stated.