TrulyMadly raises $2.1 million in pre-Series A funding round

Mumbai: TrulyMadly has raised $2.1 million in a pre-Sequence A funding spherical, because the homegrown on-line courting app appears to be like to distinguish itself from business heavyweights Tinder and Bumble within the Indian market.

Enterprise Catalysts, 9 Unicorns, Jana Okay. Balan, Negen Capital’s Neil Bahal and Ruchi Sihare have been a part of the funding spherical that additionally noticed participation of current buyers Inflection Level Ventures, The Chennai Angels and AngelList. A clutch of startup founders—together with Paytm’s Vijay Shekhar Sharma, InMobi’s Abhay Singhal and Piyush Shah, Nodwin Gaming’s Akshat Rathee and Dr. Vaidya’s Arjun Vaidya—additionally pitched in.

Although established in 2014, TrulyMadly was taken over and overhauled by Snehil Khanor, certainly one of its founding members and first product supervisor, in December 2018. Working beneath Crescere Applied sciences Pvt. Ltd., Khanor and co-founder and Chief Know-how Officer Amit Gupta created a brand new core staff at TrulyMadly and revamped the app to its current avatar. The platform provides compatibility and verification-based matchmaking providers and boasts of 85 lakh customers.

The pre-Sequence A funding spherical comes shut on the heels of TrulyMadly recording 10 occasions progress in Tier II-III cities like Bhubaneswar, Gwalior, Kanpur, Patna, Rajkot, Varanasi and Vijayawada, amongst others amid the coronavirus lockdown.

“The sturdy progress is backed by our mission of eradicating stigma related to courting and courting apps in India,” Khanor mentioned. “The 4X progress in income over final 12 months is reflective of the worth our proprietary expertise has dropped at younger millennials with critical intent in the direction of relationships.”

The Delhi-based startup now plans to put money into expertise, leveraging AI/ML to boost person expertise, and increase its presence in India’s Tier II-III cities.

The TrulyMadly app permits customers to search out companions past the standard matchmaking standards of faith, caste, pores and skin tone and wealth. To maintain dangerous actors at bay, it has constructed a Compatibility Evaluation Device, with inputs from main Indian psychologists. The corporate mentioned that it rejects 42% of profiles that apply to turn into a member of its group.