Artificial intelligence-backed matrimony app Betterhalf on Wednesday said it has secured $8.5 million (around Rs 70 crore) in a Series A funding exercise.
The round saw participation from FinSight Ventures, Rebel Fund and Nurture Ventures, with angel investors Mike Krieger (co-founder of Instagram), Arash Ferdowsi (co-founder of Dropbox), Derek Callow (former Bumble CMO) and Brendan O'Driscoll (former product head at Spotify), among others.
Founded in 2016, Bengaluru-based Betterhalf’s target audience is the urban population looking for matrimonial alliances. It claims to have invented the fastest matching US-patented technology that connects users with matching profiles.
The latest fundraise comes nearly two years after it had raised $3 million in a Pre-Series A round from S2 Capital and Quiet Capital, with angel investors Kunal Shah and Samvit Ramadurgam, in May 2021.
The company claims to leverage AI based on relationship data of couples worldwide and provide a combination of a personalized experiences, a targeted subset of matches, and quick turnaround time to find compatible partners.
It also claims to have recorded a 17% month-on-month revenue, seeing a three-fold rise in its overall number of users in the last nine months.
According to Statista, India’s matchmaking industry’s revenue is expected to grow at an annualized rate of 0.91% through 2023 and 2027) of 0.91%, with the market volume likely to touch about $302.90m by 2027. The number of users is also likely to touch about 29.4m users by 2027.