Juleo Bags $2.5 Mn To Disrupt The Indian Online Dating Market

SUMMARY

The funding round saw participation from 180 angel investors, including Livspace’s Ramakant Sharma, CRED’s Kunal Shah, Ruchi Deepak of Acko, among others

Founded in 2023, Juleo is an online matchmaking platform that leverages AI to recommend curated profiles to users

Last month, actress Huma Qureshi invested an undisclosed amount in Kolkata-based dating app flutrr

Online matchmaking platform Juleo has raised $2.5 Mn (INR 21 Cr) in a strategic funding round from more than 180 angel investors

The funding round saw participation from Livspace cofounder Ramakant Sharma, CRED founder Kunal Shah, Acko cofounder Ruchi Deepak, former JP Morgan India chairman Leo Puri, Groww cofounders Harsh Jain and Lalit Keshre, among others, the startup said in a statement.

However, it didn’t disclose how it plans to utilise the funds.

Founded in 2023 by Varun Sud and Chiranjeev Ghai, Juleo is an online matchmaking platform that leverages AI to recommend curated profiles to users. Building on top of India Stack, the startup onboards users only after verifying them via a government identification proof and video. Afterwards, its in-house AI platform connects individuals based on their likes and dislikes.

The startup competes with giants such as Bumble and Tinder in the Indian dating app market.

Commenting on the funding, Juleo cofounder and CEO Sud said, “I am incredibly grateful to my accomplished friends and family for coming out in full support as angels. Their advice and networks, coupled with our quality team of highly smart, passionate, and nice people, will help us revolutionise the modern matchmaking landscape with AI and India Stack at the core.”

The development comes a month after actress Huma Qureshi invested an undisclosed amount in Kolkata-based dating app flutrr.

Juleo’s fundraise comes at a time when the Indian online dating market continues to grow rapidly and is currently one of the fastest-growing online dating markets globally. The number of Indian users on these platforms soared a staggering 293% in the last five years to reach 82.4 Mn in 2023.

Owing to this, global giants such as US-based Match Group’s Tinder, Hinge, OkCupid, and Bumble have made a beeline to India. The opportunity has also spawned the rise of indigenous apps such as Aisle and Truly Madly.

As per Statista, Indian dating apps are well placed to generate a cumulative revenue of $403 Mn by 2028.