Indian dating app TrulyMadly has raised $1.1 million (Rs 8.1 crores) from a bunch of angel investors and a venture capital firm, as the six-year-old startup sees early signs of a turnaround in an industry that includes rivals such as Tinder and Bumble.
It raised pre-Series A round via Angelist, Inflection Point Ventures (IPV), and The Chennai Angels (TCA). The round includes investments from Unacademy founders Gaurav Munjal and Roman Saini, Airbnb India General Manager Amanpreet Bajaj, and Schindler India CEO Ashok Chandran.
The company clocked in a revenue of Rs 3.60 crore in the financial year 2018, Rs 3.48 crore in 2019 and Rs 3.45 crore in 2020. However, this fiscal year, the company said it is on track to do Rs 9 crore in revenue.
“TrulyMadly was going to shut down in 2018. When we founded the company we were ahead of the times. In 2019, we launched a new app and rewrote the code. We are not losing money anymore,” CEO Snehil Khanor said. “In the next five years, this market is going to explode.”
In the first five years, TrulyMadly struggled to live up to investor expectations. Its co-founder and CEO Sachin Bhatia quit the company in 2018 to start another venture in live online shopping called BulBul.
In December 2018, Snehil Khanor took over the company as Co-Founder & CEO and started creating a new team and reviving the brand. Amit Gupta joined him as a Co-Founder & CTO in April of 2019. It has rebranded itself as a destination app from long-term relationships rather than casual dating.
“We are targeting 25 and above age groups, more mature adults. The idea is that these people don’t want to go through the arranged marriage setup because the process is very transactional but these people also don’t want to go on hookup apps,” said Khanor. Its previous investors include Helion Venture Partners and Kae Capital.