Mumbai: India’s leading dating app TrulyMadly, announced raising INR 16 Crore ($2.1million) in their pre-series A fund. The round saw participation from Venture Catalysts, 9 Unicorns, early stage investor advisor Jana K Balan, Neil Bahal from Negen Capital, angel investor Ruchi Sihare and existing investors Inflection Point Ventures, The Chennai Angels and AngelList.
Paytm Founder & CEO Vijay Shekhar Sharma, InMobi Co-founders Abhay Singhal & Piyush Shah, Nodwin Gaming Founder Akshat Rathee and Dr. Vaidya’s Founder & CEO Arjun Vaidya also joined the round.
The fund raise follows an overall revenue growth by 4X and a 10X growth noted from many Tier 2-3 cities like Bhubaneswar, Gwalior, Kanpur, Patna, Rajkot, Varanasi, Vijayawada among others. The platform has over 85lakhs users.
The company raised INR 8.1 Crore ($1.1 million) from Inflection Point Ventures, The Chennai Angels and AngelList last year along with some prolific angels and startup founders including Aakrit Vaish, Dr. Ritesh Malik, Gaurav Munjal, Miten Sampat among others.
TrulyMadly will be deploying the fresh capital to build new product offerings, expanding to new geographies and boost its technology by leveraging Artificial Intelligence (AI) powered platform features and Machine Learning (ML) algorithms to empower millennials in exploring serious relationships in an increasingly digital world.
The traditional Indian matchmaking system continues to be centred around religion, caste, skin tone and wealth which has resulted in the younger generation exploring dating apps to find a compatible partner.
TrulyMadly has built its proprietary Compatibility Assessment Tool with guidance from leading Indian psychologists. TrulyMadly rejects 42 percent of the profiles that apply to become a member of its curated community of singles in moderation stage.
Further, every profile on TrulyMadly has a ‘Trust Score’ indicating the level of verifications the profile has gone through. The Dating App has also developed a ML based gatekeeper algorithm called ‘ChowkAIdaar’ to pre-emptively block out ‘bad actors’ on the platform to deliver a safe space and great user experience.
The dating platform has seen a surge from young millennials who are forced to cut down on in person social interactions following frequent lockdowns due to COVID-19.
Nicknamed by users as “TM” and known to help users ‘Find Your Forever’, the TrulyMadly has been at the forefront of fostering social consciousness among millennials and younger generations on different subjects, including choice based decision making among, matrimony and relationship related issues among others.