Shaadi.com looking for a take two at IPO in next 12 months: Report
Mumbai based Shaadi.com, a Matrimony platform looks at a second attempt in filing its initial public offer after over a decade of pause as its first attempt to go public was made 13 years back.
“We are profitable, and in about 12 months, we will be IPO-ready, and it’s a good place to be,” said Anupam Mittal, the founder of Shaadi.com. The Shark tank judge, Anupam Mittal, further added that the company does not require capital at the moment though he did not reveal further details about the IPO at the moment.
The company’s first IPO attempt was planned to dilute about 15-20% of the total equity of the parent company of Shaadi.com which is known as People Group.
In the early stages the company was backed by the likes of Sequoia. Shaadi.com was founded in 1996 by Anupam Mittal. Five years later, he established the parent company,People Group as an umbrella entity. Other brands under the parent company include Makaan.com, the real estate platform, Mauj Mobile, the mobile gaming company and Mobango.
It is worth noting that two of Shaadi.com’s competitors have already gone public. Bharat Matrimony in 2017, as part of Matrimony.com Ltd and Jeevansathi.com, as part of Info Edge (India) Ltd in 2006.
Shaadi.com currently faces an uphill battle as Matrimony.com currently holds a 50–55 percent market share. According to media sources, the corporation led by Anupam Mittal has a market share of between 25–30% making Matrimony.com the leading one when it comes to market share. Furthermore, a number of fresh and well-established dating sites are challenging businesses like Matrimony or Shaadi.
“We have experimented for a year and will launch these new verticals in the coming weeks. We will bring people together and make conversations on Shaadi.com beyond chats and messages. These will be real-time capabilities being made available to the customers.”The founder noted that Shaadi.com is looking forward to launching its new products, that included Shaadi Live.
Lastly, With a wide variety of use cases, Mittal continued, the additional verticals would make his application stickier. He added that People Group became successful a few years ago but did not provide specifics regarding revenue or earnings.
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