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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.
“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,” a person familiar with the development said, according to the report.
Furthermore, the report added, quoting the person that Match Group may buy out institutional shareholders besides investing in primary equity.
However, “The exact financial terms and arrangements are yet to be ascertained,” according to the report.
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 under CEO Bernard Kim with four key businesses: Tinder, Hinge, Asia and Evergreen, and Emerging.
The report quoted the Match Group as saying, “As we start 2023, the macroeconomic pressures we are seeing in our business thus far are in line with our expectations. We expect at least the first half of 2023 to remain challenging, but we expect to build momentum as the year progresses and remain confident in our ability to deliver on our full-year financial outlook.”
According to its website, the Match Group employs 2,000 people in 20 offices worldwide. Tinder continues to be the world’s most popular dating app. It continues to be the top revenue contributor for the company.
“Hinge” is the brightest spot in Match Group’s portfolio and a key contributor to growth, according to the report.
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First Published: Thu, February 23 2023. 14:17 IST