TrulyMadly has raised $2.1 million in a pre-Series A funding round from Venture Catalysts, 9Unicorns, Jana K. Balan, Negen Capital’s Neil Bahal and Ruchi Sihare.
Existing investors Inflection Point Ventures, The Chennai Angels and AngelList. A clutch of startup founders—including Paytm’s Vijay Shekhar Sharma, InMobi’s Abhay Singhal and Piyush Shah, Nodwin Gaming’s Akshat Rathee and Dr. Vaidya’s Arjun Vaidya—also participated in the round.
Though established in 2014, TrulyMadly was taken over and overhauled by Snehil Khanor, one of its founding members and first product manager, in December 2018. Operating under Crescere Technologies Pvt. Ltd., Khanor and co-founder and Chief Technology Officer Amit Gupta created a new core team at TrulyMadly and revamped the app to its present avatar.
The startup claims it has recorded 10 times growth in Tier II-III cities like Bhubaneswar, Gwalior, Kanpur, Patna, Rajkot, Varanasi and Vijayawada, among others amid the coronavirus lockdown.
“The strong growth is backed by our mission of removing stigma associated with dating and dating apps in India,” Khanor said. “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.”
The startup now plans to invest in technology, leveraging AI/ML to enhance user experience, and expand its presence in India’s Tier II-III cities.
The TrulyMadly app allows users to find partners beyond the traditional matchmaking criteria of religion, caste, skin tone and wealth. To keep bad actors at bay, it has built a Compatibility Assessment Tool, with inputs from leading Indian psychologists.
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