India’s TrulyMadly Turns Profitable as Revenue Shrinks

Indian dating app TrulyMadly has reported turning profitable in FY18, though its revenues have dropped some 50% over the same time period.

Turnover came in at Rs 3.61 crore ($511,645), down from Rs 7.21 crore ($1,021,584) in 2017. Profits stood at Rs 2.3 lakhs ($3,259) for the year.

Around 55% of the platform’s revenue came from subscriptions. The company also made Rs 53.27 lakhs ($75,488) from advertising.

Staff costs were the highest expense for the Delhi-based site, coming in at Rs 1.88 crore ($266,452). This figure was down some 65% from the previous year, however, when it stood at Rs 5.41 crore ($766,434).

In April, the site partnered with Yoti to offer singles verified dating profiles. The digital identity app allowed users to confirm details such as name and age.

The Indian online dating landscape has become highly competitive in recent months, with both Tinder and Bumble launching major marketing campaigns in the country at the start of this year.

Tinder also chose the market to test its My Move feature in September – a toggle which allowed women to switch to a Bumble-esque mode and initiate conversations themselves.

Further, LGBTQ apps are rapidly entering the market following the legalisation of gay sex in 2018.
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