TrulyMadly raises INR 16 Crore in pre-Series A; Valuation jumps 4X in 6 months
Dating App to use capital for developing new product offerings, expanding to new geographies & further enhancing their machine learning matchmaking algorithms
Mumbai, 20 April 2021: 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 fundraise 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.
TrulyMadly CEO & Co-founder Snehil Khanor said, “The strong growth is backed by our mission of removing the 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 the experience and increase our reach in Tier 2-3 cities. We are thankful to our investors for believing in us. We are beyond excited to add some great names to our capabilities in this round. In the next 6 months, we are slated to launch some amazing new product features catered specifically to the Indian way of dating.”
The traditional Indian matchmaking system continues to be centered 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 an 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.
9Unicorns Co-founder & MD Dr. Apoorva Ranjan Sharma said, “Going beyond the hook-up culture that dating apps are known for, TrulyMadly goes a step further by addressing a niche need-gap: connecting the youth who seek to engage in serious relationships before getting ready for marriage. To achieve this, the brand leverages a psychometric tool built with the help of top psychologists and psychometricians in India to accurately assess the compatibility between two profiles based on dimensions as diverse as family values, trust, intimacy, and intellect. This unique value proposition has struck a chord with its target audience which is already 8.5 million strong and growing. We are delighted to associate with a high potential brand led by a founding team of great caliber. We wish them continued success.”
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.
Inflection Point Ventures Co-founder Mitesh Shah said, “We have always believed in TrulyMadly’s vision of building a robust technology platform that brings value to their community of users. They have moved the needle remarkably in shifting the mindset of Indian millennials towards dating through an intuitive and engaging platform.”
The Chennai Angels Lead Angel Kayar Raghavan said, “TrulyMadly has found its niche market fit as a product. The traction is seen in the last twelve months and the increasing brand recognition has proven that the product strategy being executed by the team is a hit particularly in Tier 2 and Tier 3 cities. The team deserves all kudos for their diligence and singular attention in bringing to market in double quick-time product features that TrulyMadly’s target demographics love. The Chennai Angels are delighted naturally to follow on in this growth round expressing its vote of confidence in TrulyMadly and the excellent work the team is doing.”
Nicknamed by users as “TM” and known to help users ‘Find Your Forever’, 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.
TrulyMadly offers compatibility and verification-based safe matchmaking services, catering to 8.5 million users in India. As India’s most loved dating app which helps ‘Find Your Forever’, TrulyMadly is a go-to platform for millennials to find a compatible life partner for themselves by themselves.
TM’s Compatibility assessment tool is developed in collaboration with some of India’s best psychologists, psychometricians, and family therapists and assesses compatibility on the following 6 dimensions: Family Values, Intention, Trust, Intimacy, Personal Identity & Choices.
The app curates a community of singles looking for a meaningful relationship and provides them with tools to find and connect with each other.
Registered as Crescere Technologies Private Limited in 2018, TrulyMadly is headquartered in New Delhi and is led by Co-founder and CEO Snehil Khanor along with Co-Founder & CTO Amit Gupta.
For more details visit https://trulymadly.com/
9Unicorns is India’s First Accelerator VC. It provides acceleration support & seed funding to early-stage startups. 9Unicorns provides funding of $100K – $200K per startup in the first round and may invest further $500K-$2Mn in successive rounds with its co-investors. From the idea stage to the angel stage, it supports startups across various themes & sectors.
9Unicorns’ strength & focus is on a hands-on support ecosystem for startups, beyond the capital. 9Unicorns, besides investment, opens doors to the startups for access to a wide network of successful founders, category-leaders, CXOs of large corporations, seasoned angel investors & partners of global VC funds. Every portfolio company receives acceleration support for 3 months & post-investment support for 18 months.
About Inflection Point Ventures
Inflection Point Ventures is a 3500+ strong member angel investing firm that supports new-age entrepreneurs, providing them monetary and experiential capital by connecting them with a diverse group of investors. Believing that ‘Everyone can Grow with Startups’, IPV was started in 2018 and plans to invest INR 155 cr in 2021 across 60 startups.
About The Chennai Angels
Established in November 2007, The Chennai Angels (TCA) is a sector and geography agnostic angel network, which has made investments in about 60 start-ups, with over 20% exit track record, in enterprise solutions, consumer products, education, healthcare, automotive, gaming, and other sectors.