Chinmay Bidkar
7 October 2016, India :
Matrimony.com Ltd is all set to go for an Initial Public Offering (IPO) by November. The company had filed its draft red herring prospectus (DRHP) with India’s securities market regulator SEBI for IPO, in August last year.
Founder and CEO Murugavel Janakiraman told Techcircle that the company is “planning to raise Rs 550 crore ($83 mn), of which Rs 350 crore as primary offering will go into the company”. The proposed IPO will also provide exit to the venture capital firm Bessemer Venture Partners (BVP), which with few other investors, will be selling 1.66 million shares. Some of the early investors in Matrimony were venture firms Canaan Partners, Mayfield and Yahoo. Canaan’s 23% stake in the company, however, was bought over by JP Morgan Partners early last year and Yahoo had sold off its stake to BVP. Bessemer Venture will be exiting through the IPO as per Business Standard report.
Apart from the flagship brand, the company also runs EliteMatrimony.com, CommunityMatrimony.com, AssistedMatrimony.com, MatrimonyDirectory.com and Tambulya.com.
According to earlier reports, online major Yahoo! was also an investor in the company earlier and it sold its around 12 per cent stake making an exit, which was picked up by Bessemeber Venture, Mayfield Fund and Canaan. Source- techcircle
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