Betterhalf has been successful to carve out a niche for itself when it comes to helping millions of urban Indians find their life partner. More than 700,000 urban millennial users on our app are a testament to this. We are constantly evolving to make the partner-search process easier for people. In this pursuit, we’ve been touching new milestones every day like $1M annual run rate and 1M app installs
Today, we are happy to announce that we have achieved yet another milestone — We have recently raised $3 million as part of pre-Series A funding from Y Combinator, S2 Capital, Quiet Capital, and marquee angel investors like Kunal Shah and Samvit Ramadurgam. Before this round, we had raised $2.3 million as part of our seed funding round.
OUR GROWTH TRAJECTORY
In November 2020, US-based accelerator Y Combinator called Betterhalf for an interview and confirmed our spot in their Winter 21 batch. It was one of the memorable moments in the company’s journey.
And that helped us a lot too. During the fast-track start-up accelerated experience over there, we managed to achieve a monthly revenue of $75,000 and monthly active users (MAU) of 125K, earlier it was 50K. We’d also facilitated over 200K matches, and 4 million messages exchanged per month then.
Even the COVID-19 wave didn’t halt our progress, during which we not only retained all our employees but also launched exclusive new product features that produced higher engagement on our app with an average session time of more than 10 minutes per user per day.
Talking about the new funding round, Pawan Gupta, Co-founder & CEO, said,
“The closing of this Pre-series A Round shows investors’ confidence in the fact that 100 million Indians are ready to use a new-age matrimony app. This new funding will allow us to take the company from a $1 million revenue run rate to $5 million, for our next Series A round.
We’d like to thank everyone who has stood by us — our users, employees, and investors — for their continued confidence in the company. Here’s to growing and building the Betterhalf community and staying the most relevant in the matrimony space!”
THE NEXT CHAPTER
As we have closed our Pre-series A round, the infusion of new funds will help our team to be more creative and never shy away from dreaming big. At present, we are looking at a 3-year runway where we will get enough time and financial predictability.
Introducing New Features for Users
Our first aim will be to launch new and innovative features for our users. Recently, we introduced Sparkles — a way for our users to prominently feature them on top of other connection requests. This fresh feature will take care of users’ stress and make the journey of finding their partner smoother than ever.
With over 40% women workforce at Betterhalf and the feedback of our female users, we are now positioned to introduce more safety features, profile verification features to ensure trust and authenticity of information of user-profiles and advance our AI compatibility matching algorithms.
Boosting User Engagement
In our app, we observe several users getting a match but they don’t necessarily know how to break the ice, make that first move and start conversations. We’ve also been working on an upgrade of the instant chat experience to make it more seamless. We are planning to introduce features to help users start a conversation in the future.
Becoming Discoverable Organically
Thanks to your female users who have told us that even though Betterhalf is one of the best matrimony apps out there as it gives them the charge, it is not popular enough among their friends; some of them haven’t heard the name of the app.
We understand that this is an important area for the company to look into and going forward, we are going to address this. We are planning to invest in organic product discovery across social media channels, female online communities, and build share-ability features for them. We hope it will make us ‘seen & heard’ among more new users.
Lastly, if you wish to be a part of this incredible journey with a steep learning curve and see the thrill of startup growth to Series A and beyond, we are hiring across different roles. Come join us, and let’s grow together!
If you are looking to find your life partner, download our app now!
All the best for finding your Betterhalf!
No good luck because we’ll bring that for you!
