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That said, the best may well be yet to come, say some founders, especially with the surge in language-first internet users expected over the next few years.
This will also help dispel an industry myth of sorts — that online dating is a ‘top 10’ market phenomenon.
Navin Honagudi, managing director, Kae Capital, that backed Truly Madly, admits there was doubt in 2014 when the Indian market hadn’t matured.
“Questions were raised around adoption and monetisation. So, after their growth phase, dating apps have to seriously think of premium monetisation,” he says.
It also doesn’t actually matter what your marital status is. For users, typical use cases are a mix of long-term, casual and platonic relationships, flings or even friendship beyond dating.
Primarily because, Indians, for now, are happy to consume free online products but seriously hesitant when subscriptionbased payment models are thrown up.However, there are some who do not mind shelling out a few hundred to at least try and find their best match.Tinder, for instance, is the third largest grossing app on Android in India, with industry estimates placing its monthly revenues anywhere between Rs 1-2 crore.The magic would be to try and achieve that hockey-stick g rowth,” says Sachin Bhatia , cofounder of Truly Madly, which claims a monthly download rate of 65,000-75,000 users.
Others, like Sreedhar Prasad, partner and head, consumer markets and internet business, KPMG India, however, are sceptical.
He reckons these companies will have to devise a long-term plan for survival, saying, “Dating apps are a top 10 city phenomenon in India, just like ecommerce apps.