Venture capital firms, including S2 Capital and Quiet Capital, and marquee angel investors including Kunal Shah, founder of CRED, and Samvit Ramadurgam, founding partner of S2 Capital participated in the funding round
Matchmaking platform Betterhalf.ai on Wednesday said it has raised $3 million as part of its pre-series A funding round from venture capital firms, including S2 Capital and Quiet Capital.
The funding round also saw participation of marquee angel investors including Kunal Shah, founder of CRED, as well as Samvit Ramadurgam, founding partner of S2 Capital.
Prior to this round, Betterhalf.ai had raised $2.3 million as part of its seed funding round from Y Combinator, Tribe Capital, and Nurture Ventures. NoBroker founder, Saurabh Garg, and former managing director of Google India, Shailesh Rao have also invested in the startup.
Betterhalf.ai is also one of the Indian startups to be selected for US-based accelerator Y Combinator’s winter 2021 batch.
The company plans to utilize the current fund infusion for boosting app engagement and building monetization features on its platform. Also, a significant part of the funds will be allocated for Betterhalf.ai product discovery, the company said.
The five-year-old startup leverages artificial intelligence for matchmaking and features a pool of working professionals from more than 25,000 companies in India.
Unlike the conventional matrimony apps, Betterhalf.ai claims to focus on behavioural matching criteria, including compatibility matching with likes, dislikes, and interests.
“The closing of this round post Y Combinator Demo Day marks investor confidence in the readiness of 100 million Indians to use a new age matrimony app. The funding will allows us to take the company from a $1 million revenue run rate to $5 million, for our next series A round," said Pawan Gupta, co-founder of Betterhalf.ai.
Currently, the app has facilitated over a million matches and a thousand marriages, sporting a user base of 700,000 urban millennials. Betterhalf.ai clocks $75,000 in monthly revenues and is growing at 30% every month, the company said in a statement.
“Betterhalf.ai combines a modern user interface, personalized recommendations and puts the future bride and groom in the driver's seat. We think that the AI-based matrimony startup has taken the best of western dating apps, customized those learnings to the Indian matrimony market, and created a one-of-a-kind product that is going to reinvent the matrimony experience for young Indian single," said David Greenbaum, partner, Quiet Capital.
The company plans to touch 1 million users by the end of 2021.
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