Indian online dating industry
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.
“Just like e-commerce sites, now there are celebrities throwing their weight behind the dating space.
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.
Woo says that its mobile app has more than a million users in just a year, and it does about 10,000 matches a day.
Truly Madly, which also started last year, has seen a 100% month-on-month growth in terms of downloads.
”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.“Investors who are betting on this segment will understand the challenges that these companies face and so the realistic valuations of these companies will be much lower,” she said.
“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?
Online dating is no longer seen as a last attempt for the desperate and lonely to find their soul mate.
A further 20 percent used online dating for non-exclusive romantic partners and 23 percent of respondents stated that that they used online dating apps and services explicitly for sexual encounters.
The same survey also found that dating platform or app usage was more popular with male internet users than among female ones.
The success of Tinder in India has encouraged several Indian entrepreneurs to try their luck at matchmaking.
A raft of dating apps has come up in the last few months, attracting both handsome funding and an ever-increasing user base from across the country.“Now dating apps have become mainstream,” Sumesh Menon, CEO and co-founder of Woo, a Gurgaon-headquartered dating app, told Quartz.