1. At a Glance

Matrimony.com — the digital priest of Indian marriages — just posted a quarter where revenue dipped year-on-year, profits slumped nearly 40% YoY, but still managed a QoQ bump thanks to billing growth and some help from “other income” (read: money not from core business). Paid subscribers sit at 1 million, but growth is slower than an uncle finding a match on his first Shaadi.com login. Still, ROE at 17% and ROCE at 19% keep the balance sheet looking like a pre-wedding photoshoot — flattering but not hiding the grey hair.

2. Introduction

If you’ve ever been single in India and your parents own a smartphone, you’ve probably been on Matrimony.com — willingly or under duress. The company runs an online matchmaking empire with micro-market targeting so deep it can find you a Bengali-speaking, fish-loving, IIT-graduate groom with an allergy to coriander.

Their offline “wedding services” arm is the side hustle — think venue booking, catering, decor — essentially a Shaadi.com meets UrbanClap meets your aunt’s wedding WhatsApp group.

But unlike real weddings that go over budget, Matrimony.com’s growth budget has been on a diet lately.

3. Business Model (WTF Do They Even Do?)

• Core Business: Paid online matchmaking subscriptions.
• Side Hustles: Offline vendor platform for wedding services.
• Differentiator: Hyper-segmented portals (community, religion, region, NRI, elite) — “marriages are made in heaven, but marketed in 300+ domains.”
• Revenue Split: Mostly subscriptions, minor from ads/other.
• Cost Base: Digital marketing, tech infrastructure, staff.

Think of it as Tinder, but for people whose parents still control