Launched in February this year, the online match making site is a venture of three viz. Hitesh Dhingra (Ex-Founder, Letsbuy.com), Rahul Kumar (Ex-Product Head, MakeMyTrip) and Sachin Bhatia (Ex-Founder, MakeMyTrip).
What are the growth opportunities available in the online match making space?
The Global Online Dating market is estimated to be around US$ 4 billion, out of which a market similar like China which is similar to India in terms of social norms is US$ 315 million. This is driven by the fact that young people today want to spend less time in trying to find compatible partners who have similar hobbies, interests and passions. India is also seeing hectic activity on the internet for online dating and marriage. In India, 25 million people are estimated to be looking for partners online by the end of this year with the market estimated to grow to US$ 1.5 B soon.
Who are the target audience?
Looking at this huge potential, we wanted to target and appeal to the independent minded singles who no longer believe in the age old dogma of religion, caste and creed of the society. It is evident that compatibility has become a key factor in choosing a partner nowadays. Factors like one’s interests, preferences, professional background and personality etc. have superseded the traditional religion, caste and physical appearance attributes. Further, the lack of credible online matchmaking services and proliferation of fake profiles, has become a huge issue with most dating and matrimonial websites.
What differentiates the startup from other players in this space?
To fill in the above gaps, we introduced, TrulyMadly.com, which was formed to combine compatibility based matching with stringent security and validation process to protect and simplify people looking for partners online. TrulyMadly offers a new way to connect with likeminded individuals who are looking for serious relationships. The site matches profiles of people based on who they are, what they are looking for, instead of traditional matches based on caste or location.
Moreover, the website works on a robust verification process thereby, providing only authentic profiles and information of their subscribers. Through this venture, we aim to put the process of finding the right partner into the hands of the person at the helm of the affairs, thereby building strong, genuine and more compatible relationships.
What is the current monetization strategy?
We are a subscription based service, with an increased focus on micro-transactions through mobile.
How has been the traction so far?
We have more than 5000 registered users who are actively engaging with each other. We have more than 6000 fans on Facebook and 60,000 shares and likes and comments.
How the large volumes of data secured and managed by the portal?
We have a technical team to manage and support large volumes of data like personal information of users (email, demographic location and address, age, name, sex, phone number, preference in partner selection, payment details, personality facets, interests etc.) This information is readily available on the site and only viewable by the user on logging into the account. The user at all times has the option not to provide this information without agreeing to register with TrulyMadly.com.
What are the challenges faced?
Our real challenge is in getting singles to break stereotypes and looking beyond cast, creed and religion to find a match that is really compatible with them. We want to break the taboo around dating sites and convince people that our service is safe and secure.
What are the near future plans? Any plans to raise funds?
As shared earlier, we will be coming out with a mobile phone application for Android and iOS enabled devices very soon. We are still establishing our model, testing various hypothesis and will only try and raise funds once we are meeting all our targets and metrics.
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