INC42 - TrulyMadly claims to be an Indian leading serious dating app. 54% of its new users and 42% of its revenue come from Tier 2 and Tier 3 locations. The dating services sector in India is estimated to clock $387.6M in revenue in 2022. TrulyMadly was launched in Feb 2014. The app has attracted 11M registered users and targets $100M in revenue by 2026. TrulyMadly has a trust score ranging from 0-100% which ensures that the profiles are not fake. The app authenticates them by verifying user data, including name, gender, age, relationship status, education, profession, and photo. The higher the trust score, the better the profile visibility. The company has adopted a freemium model and claims that 3-3.5% of its non-paying users turn into paid members after 30 days. Recently, the app has created TM Cafe, a video chat for paid members, where users can interact with others through audio/video calls. The call automatically disconnects at the 90th second, and users can decide whether they want to match. The platform raised two rounds of funding. The first was $1.1M in pre-Series and in April 2021, another $2.1M was raised. The company is now preparing for overseas expansion.
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