Made in India online dating app TrulyMadly raises Rs 35 CrAlok Soni
Online dating is finally finding mainstream acceptance in India. TrulyMadly, an online dating app has raised Rs. 35 crore in their first round of funding from Helion Venture Partners and Kae Capital. Co-founded by Sachin Bhatia, Hitesh Dhingra and Rahul Kumar, TrulyMadly launched its app in August 2014. The app lets singles discover each other through shared interests and personality profiles.
TrulyMadly claims to be safe for online dating; particularly to women users; as it verifies and authenticates all user profiles before allowing them access to matches. The app is registering 100% month on month (MoM) growth in downloads, with women users making up over 35% of all app downloaders.
Sachin Bhatia, CEO & co-founder at TrulyMadly said,
It’s heartening to have marquee investors like Helion & Kae on board as it reaffirms our faith in the model and approach. They bring a lot of credibility and experience with them, which will be very useful to help us scale and grow rapidly, as we prepare to serve an ever increasing number of users.
The Indian-origin online dating and matchmaking app has over 200,000 installs. The TrulyMadly system uses a proprietary tool called Trust Score, which is assigned to all users as they sign up on the app or platform. Only members with 30% or higher Trust Score can get a match or initiate contact online.
Ritesh Banglani from Helion Venture Partners believes that the Indian society is fast transforming and online dating is increasingly becoming acceptable. He said,
When we saw the engagement metrics that the team has managed month on month, we were convinced they were on to something big and that we had to be part of this story.
Sasha Mirchandani from Kae Capital said that the team’s focus on creating an app for singles, keeping verification and compatibility in mind, is what attracted us to invest in TrulyMadly. TrulyMadly also has Deep Kalra (Founder & Group CEO, MakeMyTrip), Rajesh Magow (Co-founder & CEO MakeMyTrip India) and Manish Vij (Founder of Tyroo) as angel investors.