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“At some point next year, I would expect us to be revenue positive.” Technopak’s Singh, however, said that the growth of these apps may be low in smaller cities and towns—and that will reflect in the companies’ valuations.
“The Indian society is fast transforming and online dating is increasingly becoming acceptable,” Helion’s Ritesh Banglani told Business Standard newspaper.
There are investors, and there are consumers.” Much of this success can be attributed to changing social norms in urban India, a huge population under the age of 30, and the willingness of Indian entrepreneurs to tailor their products according to the needs of young men and women in the country.
“Much like how Flipkart singularly focused on customer service, newer dating apps are working towards the right product market fit, verified profiles, ensuring that no married men got on the app, assuring women of safety and security,” Sachin Bhatia, co-founder of Truly Madly, another popular dating app, told Quartz.
“So in the near-term, I doubt there will any unicorns in dating apps space, but then in the long-term, perhaps we see a big player emerge.” So, is Tinder concerned about competing with homegrown companies?
“We really don’t keep tabs on other companies,” the spokesperson said.
However, unlike typical matrimonial platforms, they ensure a more liberal approach to India’s prevalent arranged marriage culture, wherein the singles can choose like-minded individuals on the basis of their likes and dislikes rather than religion or caste.
Still, many—including Woo—count their success in terms of relationships that culminate in wedlocks.
“Now dating apps have become mainstream,” Sumesh Menon, CEO and co-founder of Woo, a Gurgaon-headquartered dating app, told Quartz.
“Just like e-commerce sites, now there are celebrities throwing their weight behind the dating space.
Dating apps have caught the attention of investors, too.
In March 2015, Truly Madly raised .7 million (Rs35 crore) from Helion Venture Partners and Kae Capital.
This year has already seen several other dating apps raise funds.