TrulyMadly raises Rs 16 crore funding; investors include Paytm founder

Photo: Company website

Dating app TrulyMadly on Tuesday said it has raised Rs 16 crore (USD 2.1 million) in funding from Venture Catalysts, 9 Unicorns, Paytm founder Vijay Shekhar Sharma and others.

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 also participated in the pre-series A round, a statement said.

Paytm founder 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, it added.

TrulyMadly will deploy the capital to build new product offerings, expand to new geographies and boost its technology by leveraging Artificial Intelligence (AI) powered platform features and Machine Learning (ML) algorithms, it said.

The fund raise follows an overall revenue growth by 4X, and a 10X growth being registered from tier II and III cities like Bhubaneswar, Gwalior, Kanpur, Patna, Rajkot, Varanasi and Vijayawada.

Registered as Crescere Technologies, TrulyMadly was set up in 2018, by Snehil Khanor and Amit Gupta. The platform currently has over 85 lakhs users.

Last year, TrulyMadly had raised Rs 8.1 crore (USD 1.1 million) from Inflection Point Ventures, The Chennai Angels and AngelList along with prolific angel investors including Aakrit Vaish, Dr Ritesh Malik, Gaurav Munjal and Miten Sampat.

"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," TrulyMadly CEO and co-founder Snehil Khanor said.

The next stage of growth will be led by further developing the technology platform to enhance experience and increasing reach in tier II and III cities, Khanor added.

"In the next 6 months, we are slated to launch some amazing new product features catered specifically to the Indian way of dating, he said.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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