Matrimony.com, a Chennai-based online matrimony company, has signed a definitive agreement to acquire 100 per cent stake in Boatman Tech Pvt Ltd, promoters of ShaadiSaga.com (a Delhi-based online wedding services company) for ₹11 crore in all cash consideration, says an announcement by Matrimony.com to the Bombay Stock Exchange.
The deal will enable Matrimony.com to scale up its presence in the north and west regions; strengthen its product capabilities and become one of largest wedding service players in India, says a release from Matrimony.com.
Founded in 2015, ShaadiSaga has over 40,000 vendors across multiple services and caters to customers across 15 major cities. Following this acquisition, ShaadiSaga’s founders - Himanshu Kapsime and Manish Garg - will join Matrimony.com in senior leadership roles, the release said.
Murugavel Janakiraman, Chairman and Managing Director of Matrimony.com said with this acquisition, the company will accelerate growth through supply enhancement and superior product capabilities. “We intend to integrate ShaadiSaga’s product, technology and social media assets with our offerings - WeddingBazaar.com and Mandap.com. The deal will strengthen the positioning of Wedding Bazaar.com and Mandap.com in the industry and will enable both brands to become the number one wedding services brands pan India,” he said.