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TrulyMadly funding

Dating app TrulyMadly announced that it has raised Rs 16 crore ($2.1 million) in pre-Series A fund. Venture Catalysts, 9 Unicorns, early-stage investor advisor Jana K Balan, Neil Bahal from Negen Capital, angel investor Ruchi Sihare, and existing investors Inflection Point Ventures, The Chennai Angels, and AngelList also participated in the round.  

Paytm Founder and CEO, Vijay Shekhar Sharma, InMobi Co-founders Abhay Singhal and Piyush Shah, Nodwin Gaming Founder, Akshat Rathee, and Dr. Vaidya’s Founder & CEO, Arjun Vaidya also joined the round. 

TrulyMadly will utilize the latest funds to develop new product offerings, extend to new geographies, and improve its technology by using Artificial Intelligence (AI) powered platform features and Machine Learning (ML) algorithms to enable millennials in exploring serious relationships in an increasingly digital world. 

The fundraise follows an overall revenue growth by 4X and a 10X growth noted from many Tier II and III cities like Bhubaneswar, Gwalior, Kanpur, Patna, Rajkot, Varanasi, and Vijayawada among others. The platform has more than 85 lakh users. 

Last year, the company raised Rs 8.1 crore ($1.1 million) from Inflection Point Ventures, The Chennai Angels, and AngelList, along with some renowned angels and startup founders including Aakrit Vaish, Dr. Ritesh Malik, Gaurav Munjal, and Miten Sampat among others. 

TrulyMadly CEO and Co-founder, Snehil Khanor said, “The strong growth is backed by our mission of removing the stigma associated with dating and dating apps in India. 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.”

Our next stage of growth will be driven by further strengthening our technology platform to improve the experience and expand our reach in Tier II and III cities. We are thankful to our investors for believing in us. We are beyond thrilled to add some great names in our captable in this round. In the next six months, we are looking to launch some amazing new product features catered specifically to the Indian way of dating, he added. 

9Unicorns Co-founder and MD, Dr. Apoorva Ranjan Sharma said, “Going beyond the hook-up culture that dating apps are known for, TrulyMadly goes a step further by addressing a niche need-gap: connecting the youth who seek to engage in serious relationships before getting ready for marriage. To achieve this, the brand leverages a psychometric tool built with the help of top psychologists and psychometricians in India to accurately assess the compatibility between two profiles based on dimensions as diverse as family values, trust, intimacy, and intellect. This unique value proposition has struck a chord with its target audience which is already 8.5 million strong and growing. We are delighted to associate with a high potential brand led by a founding team of great caliber. We wish them continued success.”

TrulyMadly has created an innovative and engaging platform and discovered its niche market. The fresh funds will enable the company to expand to new geographies and strengthen its presence in the market.

Shishir Gupta, Founder and CEO, StartupLanes

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