Indian dating app TrulyMadly has raised ₹16 crore ($2.1million) in a pre-series A round.
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 and CEO Vijay Shekhar Sharma, InMobi co-founders Abhay Singhal and Piyush Shah, Nodwin Gaming founder Akshat Rathee and Dr. Vaidya’s founder and 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 85 lakhs users. The start-up raised ₹8.1 crore ($1.1 million) from Inflection Point Ventures, The Chennai Angels and AngelList last year along with some angels and start-up founders.
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 strong growth is backed by our mission of removing stigma associated with dating and dating apps in India. The 4X growth in revenue over last year is reflective of the value our proprietary technology has brought to young millennials with serious intent towards relationships. Our next stage of growth will be led by further developing our technology platform to enhance experience and increase our reach in Tier 2-3 cities.In the next 6 months we are slated to launch some amazing new product features catered specifically to the Indian way of dating,” said TrulyMadly CEO and co-founder Snehil Khanor.