Matrimony.com, the holding business for several of India’s most popular online dating and matchmaking platforms, has reported its financial results for the second quarter of 2020.
Total revenue was reported as just over $13 million, a negligible 1.1% increase from the previous year. However, the final profit after tax was $1.39 million, an impressive growth of 31.2%.
The company has recently upped its focus on streamlining operations, which so far appears to be working, judging by its considerable profit jump.
Chairman and Managing Director Murugavel Janakiraman explained in a statement: “Our customer focus initiatives have yielded positive results and achieved a strong billing and volume growth in Q2.
“Our profitability continues to grow with improved operational efficiency. We are well positioned to sustain this momentum in the current dynamic environment through innovation and driving robust execution.”
A handful of new features were added to leading subsidiary BharatMatrimony to help improve the overall community experience.
This included its inaugural premium membership for the most dedicated users. The benefits include having a 100% verified profiles so singles can prove their identity and make connections with complete clarity.
‘Who Can See Me’ is a new update that allows users to block certain people from viewing their profile. Finally, a virtual dating feature was added called ‘SecureConnect’ that allows matches to have phone calls inside the app without disclosing any of their personal information.
Visit the Matrimony.com Investor Relation page here.