TrulyMadly Raises Over $1m in Pre-Series A Funding Round
TrulyMadly has raised $1.1 million in its recent pre-Series A funding round.
The round was led by led by respected VC firms AngelList, Inflection Point (IP) Ventures, and The Chennai Angels.
It also included contributions from angel investors, entrepreneurs and representatives from firms such as Unacademy, Haptik, Innov8, Airbnb, and Times Internet.
Snehil Khanor, CEO of TrulyMadly, said in a statement: “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. In the next five years, this market is going to explode.
“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.”
In 2015, the company raised $5.6 million (around Rs 35 crore) in a funding round from Helion Venture and Kae Capital. At the time, the startup said it would use the capital for content addition and customer acquisition.
TrulyMadly turned profitable for the first time at the beginning of 2019, with approximately 55% of its revenue coming from premium subscriptions.
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