Zee Media Right Swipes INR 3.75 Cr Investment In Dating Platform flutrr

Dating platform fluttr will raise INR 3.75 Cr as part of a strategic funding round from Zee Akaash News, a wholly owned subsidiary of the media conglomerate. 

In a filing with the BSE on Thursday (October 10), Zee Media said that it has signed an agreement to invest the capital by subscribing to equity shares and convertible warrants of flutrr. 

“… We wish to inform you that the company’s wholly owned subsidiary viz. Zee Akaash News Private Limited has, after obtaining requisite approvals, entered into Agreement dated October 10, 2024, for making an investment aggregating to INR 3,75,22,391/-… in Flutrr,” the filing read. 

As per the filing, Zee Aakash News will purchase one equity share at a price of INR 22,391, and five convertible warrants for INR 3.75 Cr. The media giant expects the transaction to be completed by December 31, 2024. 

Founded in 2021 by father-son duo Kaushik and Anirban Banerjee, flutrr claims to be India’s first regional language dating app, allowing users to communicate in a language of their choice. 

The app primarily targets users in Tier-II and Tier-III cities, offering communication in English, Hindi, and Bengali. The startup also claims to use matching algorithms based on astrology and numerology. 

Last year, flutrr raised INR 4 Cr from The Chennai Angels, Times of India, and others. The company topped it up with another undisclosed fundraise from actress Huma Qureshi in July this year. 

flutrr competes with platforms like Bumble and Tinder in the dating app market. In a bid to take on the giants, the platform plans to soon add eight additional Indian languages to its kitty, including four South Indian languages. flutrr claims to have over 4.5 Lakh weekly active users and more than 9 Lakh app downloads.

As per Zee Media’s BSE filings, fluttr’s turnover jumped to INR 2.5 Cr in the financial year 2023-24 (FY24) from INR 99 Lakhs in FY23 and INR 17 Lakhs in FY22. 

The latest fundraise comes at a time when homegrown dating platforms are witnessing renewed interest from investors. Last month, AI-powered dating platform Schmooze raised $4 Mn in its Series A round led by Elevation Capital. Earlier this year, another AI-powered dating platform Juleo bagged $2.5 Mn in a strategic funding round from more than 180 angel investors. 

As per a report, the Indian online dating market is projected to reach $402 Mn in revenue with a user penetration of 6.3% by the end of 2024.