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On April 14th 2000, when I first launched a small matrimonial portal for Tamils in USA, little did I realize that it would one day morph and grow to become the first internet company to be publicly listed, the only profitable consumer internet company in the matrimonial space. The response to the portal was so overwhelming that it fueled my passion to embark on a full-fledged matrimonial site. Thus, the birth of Tamil Matrimony.com followed by other customized sites to cater to the needs of different end users, culminating ultimately with Matrimony. com going public and be a listed Company in Indian Stock exchanges from September 2017. This journey -flagged off by an idea that ignited a passion which transformed into a purpose - has taken 18 years.
I am proud to say that we were able to capitalize on the power of technology and make a significant mark as an early mover in the largely unorganized marriage sector. When we started, the pitifully low internet penetration in the country seemed a potential hurdle. But we decided to place the bet on what we believed would be an emerging future opportunity. And it has paid off.
We adopted a multi-brand strategy and launched specialized sites based on language, community, religion, and the like. Then lured towards forward integration, we began offering wedding services - MatrimonyPhotography, Matrimony Bazaar, Matrimony Mandaps - which have together contributed a modest 5% to our top line this year but which we strongly believe will become very attractive in the coming years. The market size of the adjacencies to the matchmaking segment is estimated to be around Rs 3500 billion and they are largely unorganized and fragmented, which result in an opportunity for us. We also made our first acquisition this year - secondshaadi. com. This again, will consolidate our leadership position in the divorce matrimony segment.
“Customer Centricity” continues to be our focus area. We have aimed to create a ‘WOW’ experience every single time a customer comes in contact with us, going the extra mile to add value to them in their quest for a suitable partner. We urged our associates to focus on the 3 Cs - Commitment, Competence, Continuous learning. We believe that we have enhanced the customer engagement and we will continue to move forward with the same determination.
While we are rapidly expanding our global geographic footprint, it is important to remember that there is tremendous growth potential in the Indian market. Data indicates that of the 60 million people looking for a suitable spouse, only 10% are as of now on-line. As we increase membership, the expanding user base has the potential to create a strong network effect, a large virtual circle, especially when the brand is trusted. This is my dream - to create a legacy that people trust, an institution that people can fall back on to find a partner for their single most important life journey.
The performance of your Company could not have been possible without the remarkable dedication, skills, and commitment of our associates at all levels of the Company. We intend to fortify that relationship through several employee engagement programs like loyalty bonus programs, health checks, and learning and development initiatives. I thank my people for their support and look forward to a strong and mutually beneficial relationship in the coming years.
I thank our Board members and Investors, past and present for the trust they have invested in the Company and look ahead to their continued support this year as well.
Our management will continue to pursue untapped opportunities in the identified segments, improve operational efficiencies which will result in profitable growth and create wealth for all stakeholders.
With warm regards,