ENTRACKR – Jan 9 – Online dating has been a tough business to crack in India. This can be gauged from the financial performance of TrulyMadly. While the company has turned profitable in FY18, its revenue has suffered a 50% dip during the same fiscal. With Rs 2.3 lakhs ($3K) worth of profit, TrulyMadly has posted a revenue of Rs 3.61 crore ($500K) in FY18 as compared to Rs 7.21 crore ($1M) in the preceding fiscal. Subscription has contributed ~54.2% of overall revenue in FY18. Its revenue from paid service stood at Rs 1.95 crore ($276K) which is 69.8% up from the previous fiscal. Founded by Sachin Bhatia, Hitesh Dhingra, and Rahul Kumar, TrulyMadly lets singles discover each other through shared interests and personality profiles. The company competes with Tinder, Hyderabad-based QuackQuack, Woo, Bumble and a handful of others.
Category: TrulyMadly
Young Indians Are Using Dating Apps For Much More Than Just Dating
by Kuwar Singh
See full article at Quartz India
See all posts on Bumble
See all posts on Truly Madly
See all posts on Woo
People Group’s Anupam Mittal Leads Funding Round In Shared Space Firm myHQ
VCCIRCLE – July 27 – Delhi-based co-working space startup myHQ, run by JustWork Technologies Pvt. Ltd, has raised $500K (Rs 3.4 crore) in a new round of funding, a company statement said. The round was led by Anupam Mittal, founder of People Group, which runs online matrimony site Shaadi.com. The round also saw participation from Sachin Bhatia, co-founder of dating app TrulyMadly. The startup will use the funds to expand its operations to over 200 spaces across three cities.
by Dearton Thomas Hector
See full article at VCCircle
TrulyMadly Reports A Flat Growth
ENTRACKR – June 30 – TrulyMadly began operations in India in early 2014. Since then, the company has been steadily moving forward without losing much money. But, at the same time, it's not growing unlike other Internet-businesses across segments. TrulyMadly clocked a revenue of Rs 7.2 crore (~$1M) in FY17, ~4% growth compared to the previous fiscal. So far, TrulyMadly had raised about $6M from Helion Ventures and Kae Capital. Besides subscription, the company makes money via 'Select' matchmaking service.
India Has Lots Of Single Women, But Not On Tinder
WALL STREET JOURNAL – June 25 – Tinder's biggest challenge in India appears to be getting enough women to sign on. In many parts of India, arranged marriages remain the norm, and dating in any form still carries a stigma, particularly for women. Indian women who have dabbled with dating apps complain they get overwhelmed by all the attention that comes with the surplus of men. Tinder doesn't disclose a gender breakdown, but among the app's members in India, men far outnumber women. The dating app TrulyMadly, which says women make up ~20% of its users, is trying to introduce women to the concept of "boy browsing" through a YouTube video. Another competitor, Woo, allows women on its app free but charges men, and lets women use initials rather than full names.
by Georgia Wells & Eric Bellman
See full article at Wall Street Journal
See all posts on Tinder
See all posts on Truly Madly
See all posts on Woo
UK-based Digital Identity App Yoti To Work With Indian Dating App Truly Madly
BUSINESS TODAY – Apr 9 – TrulyMadly users will now be able to use Yoti to verify their personal details, such as name and age, which will boost the Trust Score on their profile, giving other daters assurance that the profile is genuine. This is Yoti's first partnership in India after launching its services in the country earlier this month. The app, which has usage for end-users as well as companies, has been downloaded ~500k times so far on Play Store. The company had raised 8M pounds of funding in November and is valued at 65M pounds. The company is targeting India, US and UK markets initially and is looking at sectors of banking and financial services, dating, insurance, peer to peer commerce, for more partnerships.
Indian Online Matchmakers Are Evolving To Keep Pace With Times
by Chandni Mathur
See full article at Financial Express
33% Of Indian Couples Met Online
THE HINDU BUSINESS LINE – Mar 24 – In 2007, the online matchmaking industry was centered around matrimonial sites like Shaadi.com. Ten years down the line, the landscape looks completely different. Online dating is now a growth industry. ~67% of Indian singles know couples dating online, and 33% of the couples surveyed had met online, according to digital research consultancy Mindshift Metrics. The online dating space has been growing at an explosive pace in urban India, driven by Tinder. Alongside international competitor OkCupid, local apps like TrulyMadly and Woo are snapping at Tinder's heels. Newer apps like SirfCoffee and Find Life Over Here (FLOH) are trying to create a middle ground between casual dating and traditional matrimonial sites. Both FLOH and SirfCoffee take the exclusive route — users can't just join, they have to go through a screening that includes detailed application forms and face-to-face interviews, either in person or through video-conferencing.
by Bhanuj Kappal
See full article at The Hindu Business Line
See all posts on Shaadi See all posts on Floh
See all posts on Tinder See all posts on Truly Madly
See all posts on Woo See all posts on OkCupid
In The Age Of Tinder, India’s Matrimonial Sites Are Trying To Adapt
by Suneera Tandon
See full article at QZ
See all posts on Shaadi See all posts on Jeevansathi
See all posts on Tinder See all posts on Truly Madly
See all posts on Woo
Dating Apps In India Pave New Path To Getting Hitched
THE ECONOMIC TIMES – Nov 4 – In all, TrulyMadly, Woo and Tinder have ~1M monthly active users in India, according to a report in tech journal iGadgetsworld. While data for matrimonial sites were not available, experts foresee dating apps catching up. Ritesh Banglani, who led an investment in TrulyMadly last year, said 25-35% of the "users on dating apps are looking for marriage". The trend of arranged marriages is likely to continue to decline and the logical next step for matrimonial sites would be to stay relevant either by innovating or acquire a leading dating app in India." Matrimony.com, which operates BharatMatrimony, acquired Matchify in April last year but CEO Murugavel Janakiraman insists that dating apps aren't able to scale up or make money here. "We tried out Matchify but India has a largely traditional user base so these apps are not going to work here," he said. Gourav Rakshit, CEO of Shaadi.com, conceded that although the site gets ~11K new registrations every day, many of its users are on dating apps as well.