Chennai, February 5, 2020: Matrimony.com Limited, the leading online matrimony company, announced that it has signed definitive agreements to acquire a 26.1% stake in Astro-Vision Futuretech Pvt Ltd (Astro-Vision), promoters of ClickAstro.com, as approved by its board of directors. The 26.1% stake is significantly through fresh infusion of capital in Astro-Vision. The transaction is subject to customary closing conditions and regulatory approvals.
Astro-Vision, since its inception in 1984, has been the pioneer in promoting Vedic based astrology solutions by providing astrology content and astrology software in more than 10 Indian languages and has generated more than 110 million horoscopes till date. Today this software is considered the de-facto standard in the field of Indian astrology. Through its portal www.clickastro.com, it provides algorithm based, personalized and multi-lingual astrology content. The portal has around 40,000 daily visitors and creates more than 25,000 reports per day. The company has also developed mobile astrology applications for end consumers as well as astrologers, with more than 10,000 mobile app downloads per day. The Indian spiritual and religious market is estimated to be a multi-billion-dollar market, of which horoscopes is an important component. The growth in technology has significantly increased the traction for Astrology and Astrology continues to play a significant role in Indian marriages. Matrimony.com and other leading matrimony service providers have been using astrology services offered by Astro-Vision for many years.
Murugavel Janakiraman, Chairman and Managing Director of Matrimony.com Limited said, “Astrology is core to match-making and majority of our customers generate horoscope prediction using Astro-Vision’s software. With the strategic investment we see further synergies in enhancing our value-add to our customers and also accelerate the growth of Astro-Vision”.
Arjun Ravindran Pandarath, Managing Director of Astro-Vision said, “We are excited about this strategic investment as it creates tremendous opportunities to scale and enhance our positioning through technology and marketing. We have a long-standing association with Matrimony.com and we are confident that together we will be able to create greater outcomes for our customers”.
Matrimony.com is India’s leading consumer Internet Company. It is a signature consumer internet conglomerate, managing marquee brands such as BharatMatrimony, CommunityMatrimony and EliteMatrimony. BharatMatrimony is considered the largest and most trusted matrimony brand which has also established a considerable retail presence with over 145 self-owned retail outlets across India. The Company delivers matchmaking and marriage related services to users in India and the Indian diaspora.
The Company has pioneered several new business models such as MatrimonyPhotography, MatrimonyBazaar, MatrimonyMandaps, and CommunityMatrimony, a consortium of over 300 community matrimony websites.