The US-based Match Group is looking to buy out Shaadi.com's institutional shareholders.
The technology company Match Group is in advanced discussions with Shaadi.com about a strategic investment in the Indian company, The Economic Times (ET) has reported.
✔️ Match Group has a total market cap of $11.85 billion and owns brands including Tinder, Hinge, Match, OKCupid, Plenty of Fish, and OurTime.
✔️ Shaadi.com is one of the major matrimonial websites in India with more than 5 million registered members. Match Group is interested in expanding its presence in India, with its growing market for online dating and marriage services.
Match Group may buy out institutional shareholders besides investing in primary equity, according to ET.
If the purchase is approved, it should provide Match Group access to India's marriage sector, which is predicted to grow quickly over the next few years and is projected to be worth over $1 billion.
"Over the past month, Match Group and Shaadi.com have had a few rounds of strategic discussions and are currently at the final stage of discussions where finances are being discussed,"
ET reported, citing sources.
Anupam Mittal, the founder of Shaadi.com, had said that the company was planning to go public in the next fiscal year. Mittal is the founder and CEO of the People Group, which runs the matrimonial platform.
Last month, Match Group announced a revamped executive leadership team. The new team will work under CEO Bernard Kim, appointed in May 2022, with four key businesses: Tinder, Hinge, Asia and Evergreen & Emerging.
Sources: Business Standard, Xartup