Zee Media to invest Rs 3.75 Cr in Times of India-backed dating app Flutrr
Flutrr expects to reach operational breakeven by the end of this year as it gets closer to 1 million downloads.
Zee Media on Thursday in an exchange filing said it will invest Rs 3.75 crore in Flutrr, a vernacular dating app.
The investment was done through its wholly-owned subsidiary Zee Akaash News, and is expected to be closed by the end of this calendar year.
Flutrr Digimate more than doubled its revenue in FY24 to Rs 2.5 crore from Rs 0.99 crore in FY23, the exchange filing stated.
YourStory had earlier reported that the startup raised Rs 2 crore from Bollywood actress Huma Qureshi and other angel investors, including former Sandeep Bhattacharya, Global CMO of Hoechst and Merck, and Yogesh Mishra, Director of PayPal USA.
Kolkata-based Flutrr has raised funding from notable investors, including Times of India, The Chennai Angels, and several luminaries from within the corporate sphere, including top-level executives from Google, SAP, Microsoft, and DBS in its previous rounds.
Flutrr, which operates in the fifth-largest market for dating apps in the world, is available for both Android and IOS users. The app operates on a pay-per-use monetisation model with micro-transactions. Instead of paying for a subscription, users only pay for premium features they wish to purchase.
With an active user base exceeding 400,000, the app is nearing one million downloads and generating a monthly revenue of Rs 20-21 lakh.
The startup, ]founded in 2021, aims to reach five to six million users within the next 12 months and is on track to achieve operational breakeven by the end of 2024.
Edited by Jyoti Narayan