Good afternoon, everyone. On behalf of ICICI Securities, I would like to welcome you all to Quarter 2 and H1 FY26 earnings call of Matrimony.com.

From the company, we have Mr. Murugavel Janakiraman, MD and CEO; Mr.

Harigovind Krishnasamy, Chief Financial Officer. The call will begin with brief management remarks, followed by a Q&A session.

I would like to hand over the call to Mr. Janakiraman for his opening remarks.

Over to you, sir.

Thank you. Good evening, everyone.

We achieved 7% growth in our billing in Quarter 2 compared to Quarter 2 of last year. With various initiatives and strategies, we expect double-digit billing growth in the coming quarters.

We have made strategic investment in Bharat Ek Khoj Spiritual Tech Private Limited, which is an AI-powered platform for astrology-related services and for learning Vedic Shastra. Now coming to the results, in Quarter 2 on a consolidated basis, we achieved a billing of ₹118.4 crore, a growth of 6.7% year-on-year and a decline of 6.1% quarter-over-quarter.

Revenue was ₹114.6 crore, slightly lower by 0.8% year-on-year and 0.6% quarter-over-quarter. Key highlights for the matchmaking business in Quarter 2 are as follows: billing at ₹117.5 crore, a growth of 6.9% year-on-year and decline of 6.2% quarter-over-quarter; revenue at ₹113.5 crore, slightly lower by 0.6% year-on-year and 0.5% quarter-over-quarter.

Paid subscriptions were 2.39 lakhs during the quarter, a decline of 3.5% year-on-year and 9.5% quarter-over-quarter. ATV for matchmaking business grew by 10.8% year-on-year and 2.9% quarter-over-quarter.

We facilitated over 25,000 success stories through our matchmaking platform. Now coming to the marriage services and other businesses: billing were ₹93 lakhs, a growth of 4.9% quarter-over-quarter and decline of 20% year-on-year; revenue was ₹1 crore, a decline of 17.5% quarter-over-quarter and 15.1% year-on-year.

EBITDA level loss for the quarter was ₹2.8 crore, a comparable loss of ₹3.3 crore in Quarter 1 of FY26 and ₹3.6 crore in Q2 of FY24. Our billing and revenue outlook for Quarter 3: matchmaking billing on a year-on-year basis is expected to post a double-digit growth in Quarter 3; marriage service and other business expected to be higher than Quarter 2.

We launched AI chatbot in customer service in one of our domains, and we'll launch it for all the domains once we fine-tune our chatbot. We are also working on various AI initiatives to improve our customer experience, also drive productivity.

Let me hand over to Harigovind, our CFO, to comment on the key profitability highlights. Hari, over to you.

Thanks, Murugavel. Our EBITDA margin for the matchmaking business in Q2 was at 17.1% as compared to 17.6% in Q1 and 22.6% a year ago.

As you can see, the gap between billings and revenue has been widening in this financial year due to introduction of long-term packages, because of which the revenue and EBITDA has been lower compared to last year. This temporary drop in revenue-to-billing ratio and EBITDA will flow to P&L from Q4 onwards.

If you were to compute operational profits based on billings, the profit margins are slightly better in Q2 compared to last year. In summary, we would rather explain the temporary drop in financial metrics to investors and analysts than not doing the right thing for the business, that is, implementation of longer-term packages.

Our strong operational growth is further evidenced by steady increase in cash flow from operations in Q2, which was at 14.6 crores compared to 14.3 crores in Q1 and 10 crores in Q2 last year. Marketing expenses for the matchmaking business in Q2 were 45.8 crores.

It was 46.7 crores in Q1 and 45.2 crores a year ago. Excluding marketing expenses, margin for the matchmaking business stood at 57.4% versus 58.5% in Q1 and 62.1% a year ago.

On a consolidated basis, EBITDA margin in Q2 was 10.8% compared to 11% in Q1 and 15.2% a year ago. Tax rate for the quarter stood at 21.96%.

PAT is at 7.8%, a decline of 7.7% quarter-on-quarter and 41.1% year-on-year. Share of loss from Astrovision, our associate company, is 6.2 lakhs.

Cash and investments balance as at Q2 is 328 crores. ROCE is 8.6% on an annualized basis.

On the outlook for Q3 margins, we expect the PAT to be in line with Q2 levels. I would like to end with the customary safe harbor statement.

Certain statements during this call could be forward-looking statements on our business. These involve a number of risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements.

We do not undertake to update any such forward-looking statements that may be made from time to time by or on behalf of the company, unless it is required by law. Thanks.

We'll be happy to take any questions now.

Please go ahead. Yeah.

In the most of the gated communities, in that lift area, AdOnMo display is there, sir. Haven't seen any advertisements in that Matrimony.

In TV's through remote they can change. They can skip in the YouTube and all.

In that AdOnMo ads, right, they don't have right to skip and all. While reaching the lift, right, they can see that.

Why our Matrimony is not advertising in that area? Another question: when advertisement cost come down and profitability will increase in coming quarters or next year or what?

That is the only thing. Okay.

Thank you. In terms of advertisement, we undertake a various marketing initiatives, be it a TV, digital platform.

As you know that there are plenty of avenues to advertise. It's important that we choose a right mode of advertisement and that gives a better return on investment.

That's approach we take. In terms of the profitability increase, we already started growing and we expect a billing growth.

In this quarter we are talking about double-digit billing growth because of introduction of long-term packages and our billing and as per GAAP revenue, there's almost a 20 crore of difference. We expect all this thing flow from Quarter 4 to some extent, and Q1 onwards, all this billing will flow into the GAAP revenue.

The profitability increase to double-digit numbers, most likely from Quarter 4 onwards, and obviously from starting Q1 the profitability will really move up very well, even the marketing remaining— AdOnMo is more effective, no, sir? Advertisements is more effective, AdOnMo.

No, again, the marketing team evaluate various opportunity, choose what is appropriate and the right ROI and all. Anyway, thanks for the suggestion.

Let the team definitely look at various avenues and choose whatever we feel it's a right ROI and other things. Thank you, sir.

Thanks a lot. Thank you.

Yes, Ashish, but I don't know whether speakerphone, there's some bit of noise or echo, actually, so. Hey, Murugavel, is it better now?

You are audible. Please go ahead, Mr.

Ashish. Yeah.

See, Murugavel, just couple of things, right? If we look at ad or marketing spend across Matrimony and Info Edge, right?

If I combine both of this, excluding obviously Jeevansathi, right, it's around 230 crore, 240 crore, right? If I look at industry structure, looks like Matrimony and Jeevansathi, right, both of them are literally funding the ad industry rather than making monies for themselves, at least that is the sense I get from a macro picture advertising spend across both these forms.

Is there any opportunity to explore synergy to reduce ad expenses? Or how does the future look like, sir, from a ad expenses perspective?

That is first question. Sir, second question I have is on the adjacent businesses that you had set up, right, over the last multiple quarters, MeraLove, the jobs portal focusing on Tamil Nadu.

Is there any traction that you are seeing or do you expect any acceleration or do you see not much growth? That you can take a rational decision, sir.

Your comments, please, on both these questions. Yeah.

Thank you. Appreciate.

Regarding the first one, ad expenses, again, there's also the three players majorly. Jeevansathi, by and large, limited only to the northern market, and we are a pan-India player, the marketing spend across the geography, it's there is also other player as well.

While definitely, compared to what had in the past, some bit of rationalization happened. We also to we don't at this point of time the marketing expense is further moving up, but obviously we have to take care of the the branding advertisement in across the market, not limited to what Jeevansathi has happened only by and large northern market.

Since there is other players is advertising, we also need to ensure that we continue to advertise and ensure our share of voice and share of marketing is there, and particularly on the on on the TV media. The competitive intensity reduces on the on the marketing spend on the offline media, yeah, we also rationalize.

Today, most of the spend, it's on the TV side. Anyway, it's not that Jeevansathi, even tomorrow doing something in the northern market, that will not impact our marketing spend in the rest of the market because there's other player as well.

We also need to ensure that our share of visibility is there. That's the ad expense at this point of time, though compared to how it was in the past, that definitely come down in terms of competitive intensity, so, but still remains.

We don't see further growth, significant growth in marketing, will be operating at this point of time looks like a similar level of marketing spend until something changes. That's a point number one.

Again, if you look at year-on-year, the marketing spend have come down on matchmaking, some marginal reduction, in spite of there's an investment in new area. That's a point number one.

Same is being done for some elite matrimony, within the marketing, we're shifting some of the spend into the areas of growth which we want to have. Second one is on the the traction on Many Jobs and and MeraLove.

Love.com also let me talk about. Many Jobs, is crossed 1 million downloads.

It's it's probably crossed 1 million registration only in Tamil Nadu, then probably within next quarter. Good good Play Store rating, good, I'm sorry, good Play Store rating, a good feedback.

We continue to get feedback from customers, continue to make a product improvement, started monetizing, last couple of months started monetizing, still in early stages. We'll we'll continue to make product improvement, watch in Tamil Nadu for next couple of quarters, then we may go either across south or we may go pan-India subsequently.

At this point of time, things on the right track on the Many Jobs. In terms of MeraLove is a long-term investment because they're targeting US diaspora.

That's the investment we are making for maybe a few years down the line or 4, 5 years down the line. Also not only for Indian American, we decided to reposition for Indian diaspora, because there's 30 million Indian diaspora.

We are looking at can MeraLove can attract Indian diasporas, we are repositioning going to, continue to, invest in that that opportunity. Love.com, that's another launch, we are relaunching Love.com by end of this month with a with the positioning of serious relationship.

We're just kind of we launched a product, got some feedback, we're relaunching the product by end of end of this month. In terms of other things about wedding services, definitely the focus on the month of venue booking.

That's a focus in Tamil Nadu. We want to facilitate venue booking for the customer and get a commission on the venue booking.

That's what we are focusing on. It's not the focus on the listing revenue, it's more on the commission-based revenue is the focus.

That's a that's the shift we are making on wedding services. At this point of time, these are shift we have done, and we'll continue to monitor, but we feel these things, the steps what we are taking in the right direction.

We we probably see that in a couple of quarters some traction on the wedding services because of shift strategic shift what we have taken, we're already working on those those direction. Many Jobs probably couple of quarters down the line, we'll probably we may decide to go pan-India, which probably give an update on what's going on, how it pans out.

That's what, Ashish, at this point. At this point, the product it's we believe in the right track.

It's going well. It's addressing the segment.

It's kind of, I feel, that's it's an opportunity. Right, sir.

Just a follow-up, right? MeraLove, Love.com, the blue-collar job space, right?

Do you have some internal KPIs to track whether they are meeting your expectations or not? What's been the insight so far?

Because obviously Matrimony is a cash-rich company, right? Capital allocation should be a foremost aspect from the board perspective, right?

Are you tracking any KPIs, sir, if you can just share about that? We are not sharing the publicly what are the KPI, but obviously, any product we look at a certain metrics, certain benchmarks, certain things.

Also, you may know that some of the initiatives like Love.com, Many initiatives, or MeraLove, the monetization can happen only after reaching a certain threshold in terms of user base. Because obviously you have to get the base and supply and huge profiles base, then monetization can happen.

That way that Love.com is a product going to be launched. Obviously, we have certain internal benchmark, KRA, KPI.

Post that, yeah, obviously monetization starts. We are definitely at the benchmark to evaluate whether it's in the right direction or not.

Because when we launched Love.com, we went back. It was not in the desired expectation.

Then we went back, restarted again, we are launching the new product by end of this month, so. Got it, sir.

Sir, what about the buyback strategy, right? Because that's been a approach you followed couple of times, right, over the last 3 years?

Does that lever also remain in place to reward existing shareholders? The board will look into it, because I think 1 year is not over yet.

Post that, I think the board will look into the various ways to reward shareholders. That is, the board will decide on this.

Right. Last one, sir, on astrology, how's it going, sir?

Can you just throw some light on that? Astrology, there's a delay in launching the product.

We are launching AI-based astrology product because end of the month we'll be launching the product. We will be answering one question powered by AI using Vedic astrology free.

Post which, we want to monetize it. Basically, the earlier model was we got a human astrologers answer that question free, and the monetization was not at the desired level.

Now we are changing to first question free by AI, and so that's a free chart. We want the users can continue the AI-based astrology by paying a small money, or they can also opt for human-based astrology paying money.

We want to try it out, okay? We are launching by end of this month, and we'll see that, yeah, and then we're going to integrate this AI free chart into all our product, to begin with Matrimony product, and we want to see what kind of traction we are getting, then we decide what to be done.

Got it. Sir, last one, absolute last one.

I had read some time back on Wall Street Journal that on the service, right, a shopping service called Etsy, one of the popular services they offer is basically prayers and charms, right? People actually, due to recession or maybe due to good times, certain people actually come and take this service of prayers, charms, etc.

Have you heard of it? Is this something that could be of interest or some synergy around your existing services?

See, anything related to marriage could be of, but again, having said that, at this point of time, we have enough and more things going on, and we want to focus the initiatives already launched and create traction, make it successful before think of doing something in allied area or even unrelated area. Okay.

Got it, sir. Thanks a lot.

Yeah. In terms of the beginning of the year, we introduced kind of 1-year package.

Again, there's a continuity fee also after 1 year if user wants to continue beyond that, we have to say the continuity fee. Basically, the thing is that people go for 3-months package, and sometime, not everyone renews the product, though obviously renewal is good for our renewal contribution.

Since not all the marriage happened within 3 months, sometime take a little longer duration. The idea is, why can't offer a little longer-tenure package so that we give the advantage to user rather than taking a break and continuing it, and thereby missing out on the continuity and profiles and communication to them.

We introduced this package, there is a 10% of the users are going for this package. That was the reason for this one.

It's a maybe little over around 10% sort of thing, and that was the reason since we introduced at the beginning of this year. We are not getting the benefit.

It probably take to be the end of Q4 or early Q1 to get the full benefits. That was the reason for the difference between the billing and the revenue gap.

That's going to improve in the first year of seeing this one. In a matter of couple of quarters, this get addressed in the sense that we get revenue realization.

It's more of giving some option to the customer who want a longer tenure and which also helps the customer, also we are able to monetize it. Sure, sir.

Understand. The Q3 PAT guidance, which you said would be flattish from Q2 levels, is that largely because of this issue of billing growth not translating into revenue?

Or do you see any investments in advertising or employee costs or any other spends going up? No, mainly this reasons.

In fact, even this quarter also, we see that billing versus revenue gap. Starting Q4, we'll get the benefits, and the profit move up from Quarter 4 onwards.

On account of two things, Q3: Q3, one is about the billing with the gap in revenue; Q2 normally there's seasonality-wise also quarter where normally there's a Q1 versus Q2, combination of these two factors. Starting Q4, the PAT numbers will move up.

Starting Q1, then you'll see the good jumping PAT happening. Right, sir.

I think in the Q1 call, we hinted that we hope to reach a billing of ₹500 crore this year. Do you still think that's possible?

Pretty much on track, we believe, to get the number on matchmaking billing. Sure.

One question on employee costs. I see your employee costs have kind of gone up from ₹39 crore, which used to be around ₹35 crore, ₹36 crore range.

Any specific reason?

There are sort of one-off costs in Quarter 2. One was that Hari, you want to— Can take on.

There's close to more than 1 crore, close to 1 1 1/2 crore there were one-time expenses which were incurred in Q1 Q2. Relating to certain provisions that we had to make to comply with certain laws, it's a one-time cost, right?

All put together, it's around 1.5 crores. That if you remove that, it will be around 37.5, which is 37.5 to 38 is what is the steady state.

Okay. Sure.

Then one question on this small stake that you have purchased. How should we view this?

Is it a financial investment, the Bharat Ek Khoj 2% I think stake that you have bought? Or will we invest or will we take it up, or will we making more of these investments?

Just wanted to understand your thought process behind it.

No, it's a investment. It's a financial investment.

We'll see, depends on, again it's AI astrology service, related to in our industry, and we also see an opportunity. We'll see how it goes, and depends on how the company performs.

We may invest further, or all depends on. Keep it open at this point.

Okay. I think yeah, that's all from my side.

Thanks, and all the best for the coming quarters.

Hi, sir. A couple of questions from my side.

First is that what do you think our market share is now? It used to be around 60%, right?

What, in your sense, is our market share as of now on a revenue basis?

I think, since we don't have the information about that number other players, I think we are similar to the trends, or maybe slightly less. We don't know, maybe 55% to 60%.

We don't know exact number of other players. Maybe around 60%, that's what we see, and so yeah.

What do you think about growth coming back to a double-digit kind of level? We have tried giving timelines in the past, but what has also happened is that for some reason or the other, it has really not worked out.

When you are talking about growth recovery from Q4, is there something that we are trying to do differently which gives us the confidence that we should get back to growth from Q4, or is it just on the basis of the billings that you're seeing?

One is that it's based on the past thing, one is that today the billing and gap revenue, which we already spoke about on account of the longer-tenure package. As we speak in Quarter 3, as on today, we are in a double-digit growth.

That is the reason we are able to say with confidence. We believe we're able to achieve a double-digit growth in this quarter.

Also the trend shows that the double-digit growth will continue in Q4 as well. Also because on account of the billing and the gap revenue, which was in the longer because of longer tenure package that introduced in Quarter 1, the benefits are coming from Q4 onward and Q1 where we get the full benefit.

Combination of two things, or three things I would say that. One is that increase in revenues happening on account of the realization of that billing versus gap revenue.

Point number two, on account of continuous the growth, billing growth is happening because last year the billing growth started growing quarter-on-quarter moving to double-digit growth. That's a point number two.

Expenses remaining at the similar level on marketing, we've also optimized, fine-tuned. We expect the combination of all these factors, definitely the PAT will move from Quarter 4 onward, and Q1 where you see that the good jump in the PAT margins happening.

It's based on the past data, what currently happening, based on the future outlook.

Understood. With regards to the competitive intensity in this space, do you have any visibility on whether there could be any consolidation in this space at all?

No, I don't think anything happening at this point of time. So.

Sure. In terms of our balance sheet, we have decent cash balances.

We are not really being able to grow that meaningfully, given the muted earnings growth. I'm just trying to understand, are there any more assets which you think are non-core which could be monetized in the medium term?

No, nothing like that at this point of time. In fact we have some other initiatives in very, very early stage.

You want to make a good progress before whether you want to do anything with those assets. At this point, the focus on growing this asset now.

Understood. Just one last question, sir.

In terms of the marketing activity that we are doing, I have actually seen a lot of that happening on the ground, in the airports, etc. Just wanted to understand, do these kiosks in the airport, etc., do they make money, or are they just for the marketing purposes?

Also, what are our thoughts on performance marketing and new-age marketing techniques?

Abhishek, the last part I think, we're not able to hear you fully. The last point what you made in, it was not clear.

Abhishek, can you repeat the last point? Hello?

Last question now.

Yeah.

You're not audible, Mr. Abhishek.

Yeah. Sure.

Now you're audible, yeah.

Now I'm asking, do the airport kiosks make any money at the standalone level,

or are they— That was clear. After that, you asked something.

Yeah. The other thing is, what would be the proportion of our spends on performance marketing?

Okay. Again, it's sort of a lot of digital marketing or performance marketing.

While we do some bit of branding as well. Large part, you can say, it's performance marketing.

In terms of the airport kiosks, it's a more of branding as well as monetization. I would say largely the branding now.

Understood. Thanks.

Sir, thank you for the opportunity. Sir, I wanted to understand, we have got six subsidiaries, I think, that are making negligible revenues or that are loss-making.

Are there any plans to close the subsidiaries and reduce the compliance burden at the company level to reduce the cost till whatever extent we can?

No, the subsidiaries are set for certain purpose, and again they are doing what is intended for, be it in our in-house agency or Dubai entity, other things. At the moment we have a strong finance team, and these entities are serving certain purpose.

It's better to continue these subsidiaries. They're set for business reasons, I'm not finding any reasons to close these things because we don't see that as an issue of in terms of compliance and other things.

Got it. Sir, on the astrology segment of our business, sir, it seems, sir, this segment is kind of crowded, if you could just help us understand how we'll target the customers or just give us a broad idea about how should we look at this business segment maybe over the next 2 to 3 years?

Sir, I read somewhere that majority of these customers on these astrology apps are either NRI or foreign Indians outside of India, those kind of customers. How are you planning to target those customers, if you can help us understand?

Now

we have millions of users on our platform, including, NRI, and we have members across the world. In the wherever Indians are there, we have the people from those countries using our product.

Basically, we are looking at integrating into our Matrimony product. Again, as I told you, it's AI-based astrology product, offering one question free.

We want to see whether how the uptake is going to be for these offerings. As the first question is free, post which users need to pay money and to get the subsequent question either answered by AI or human astrologer.

We want to try it out. I think only couple of months down the line, we know that what's going to happen to this service.

One thing that again, since we have millions of customers, we also feel it's AI powered, it's good to offer this as additional complimentary service to members also. We'll see, probably a few quarter down sorry, a few months down the line, we have better understanding of how it's going to work.

Got that, sir. Sir, that was from mine, sir.

Thank you so much, and all the best.

Thank you so much.

No, we don't see any significant player and a small player that the acquisition makes sense to have a long-term benefit. There are some other media companies or some smaller base.

If we're buying it and we're not buying any meaningful asset which is going to produce a long-term return. It can have a short-term impact, but long term, the entity, the benefit, we don't feel could make sense to us.

Considering the number of whether revenue and other things, very small players. That's the thing.

We don't see any acquisition opportunity in this space. Again, we evaluate anyone who's serving some niche market or some segment which we can consider, which at this point I don't see anything at this point of time.

In the past, we've done one small acquisition which there's a focus on one segment. We don't see anything at this point of time.

In terms of Many Jobs, again, it's too early to comment on whether what's going to happen next year, what is the capital allocation. We have certain benchmark to achieve in Tamil Nadu.

Once you achieve the benchmark, then that will give the confidence to go whether across south or go pan-India. That will be decided probably only next year.

That point of time, we'll have a better understanding of whether wanted to go continue to spend in Tamil Nadu, or if they want to go across India. At this point of time, it's too early to comment on this, Mr.

Damodaran. Sure.

Thanks for the answers.

In terms of Love.com, it's targeting Indian users in India. Love.com pretty much focus on the Indian users, which we understand the consumer market in India, that's one of our strengths.

That's not a problem. When comes to MeraLove, it's a long term for Indian diaspora, we again there is a consumer and marketing strategy.

We know how to large extent how to reach NRI, and also leverage some of our strength also. Since we've been marketing for this market for very long time, for Indian outside of India, we leverage our understanding of reaching out to the Indian diaspora outside of India.

We'll leverage our marketing capability to reach. Again, MeraLove is very, very small at this point of time.

It's very, very, I would say, we are investing for the future, considering diaspora population, the sizable chunk is there and their needs are slightly different. We are looking at that as a sort of keep investing small amount of money, build a base, and probably look at monetization at a later stage.

It's more of investing for the future, yeah. Got it, sir.

Just a different take on one of the previous questions, right? I think there was a question around have you looked at smaller players for acquisition.

Maybe, sir, would like to get a view, have you even evaluated amongst the top two or three players for an acquisition, right? Is this something that you could be interested in to get a pan-India foothold rather than being the top player focused on the south with very strong strength which the northern players are not able to get into?

I know, by the way, we are a strong player not only in south, east we are very strong players. We are a strong player in west as well, Maharashtra.

Except north, we are one of the leaders. We are good market share there as well.

Having obviously it's a highly contested market. It's a three-player market, and there are challenges.

If there is an opportunity to acquire, we'll do that, but again at this point of time we don't see the deal that is on the card that is there. If there is in future the opportunity to acquire, we'll definitely very much open to it.

Okay. Got it, sir.

Yes, yes. Please go ahead.

Thanks for the opportunity. Sir, I have a couple of questions.

My first question is on the front of average transaction value. This quarter we have seen 11% increase in ATV.

What factors are driving this increase in the average transaction value, sir? It's a combination of, one is that the long-tenure package plus also the personal services growth is having higher ARPU, the combination of both the factors now.

Okay. The second question is on the front of our efforts for doing new initiatives.

Just wanted to understand every quarter how much cash burnout we are doing in basically experimenting these new initiatives? It's a few crore a quarter at this point of time.

All right. Okay.

Thank you. That's from my side.

Thank you.

Yes. Yes, Mohit.

Yeah. I had these two questions on the company.

One is on a few metrics. Can you give me a few metrics like if what is the conversion rate, if suppose 100 people registers on the platform, how many converts to actually the paid subscribers?

What is the subscriber renewal rate, like suppose if a person opts for 3 months of subscription, are they valuing up and now and getting to 6 months or 9 months subscription? Sorry, I missed the second part.

Please go ahead, the second part, I understood the first part. First question was the conversion rate.

If suppose 100 100 new people are registering on the app, how many actually convert to the paid subscribers? That I got it.

Second part, yeah. The second part was around the subscriber renewal rate.

Suppose somebody's getting a paid subscription for 3 months, are they opting for higher months of subscription like 6 months or 9 months? The first question is around 10% go for the paid subscription, maybe little over 10% also depend on the market, depend on the segment.

In terms of renewal, most of people by and large choose the shorter duration package. Typically, majority will go for shorter duration.

They also renew for shorter duration. Okay.

Just with regards to the make my wedding this model, we have changed from subscriber model to now commission-based model, right? Based on that, can you give me any growth guidance on the revenue, or what is the timeline for the breakeven that particular segment?

Again we are experimenting in Tamil Nadu because a commission-based model, give it a couple of quarters, okay, because a very, very early stage. We want to kind of get the product-market fit right, and then we'll decide, I'm in position to comment on this.

Sir. That's it from my side.

Thank you for answering my questions, and all the best. Thank you so much.

Thank you so much for your continuous support. Look forward to talk to you all in the near future.

Thank you so much. Have a good evening.