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And then, the likes of Aisle, Truly Madly and i Crushi Flush took the plunge into the 85-million market with contrasting business models.Five years down the line, there is some evidence these companies might be earning money.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.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.According to online market researcher Statista, Indian online dating companies are expected to earn around million in 2018, with nearly half the singles (41 million) from the 2011 census on dating apps by 2022.
“Tinder is a tier I phenomenon, whereas we have penetrated beyond the big cities,” says Amit Vora of i Crushi Flush.
These numbers may pale in comparison to major markets such as the US, where dating apps expect to generate at least 0 million in 2018.
Primarily because, Indians, for now, are happy to consume free online products but seriously hesitant when subscriptionbased payment models are thrown up.
And, as Robert Palmer so convincingly sang, it’s about getting you ‘addicted to love.’ So what do you do next? He tries a few times but then moves on to another platform to meet a different woman. Success is when Raj and Simran meet, like each other’s company and date.
Cupid strikes, yes, but it’s heartbreak for the business.