To be quite honest, India, as a society is quite conservative in nature. People still adhere to their traditions and cultures, but slowly and surely, millennials are stepping out of this shell.
And this includes dating and the like.
Tinder is one of the most popular dating apps in the continental United States and the success of the same app in India has persuaded Indian entrepreneurs to try their luck with a much more local app of the same interest.
With a variety of dating apps now available on both the App Store as well as the Play Store, this has given rise to both funding as well as a rapidly increasing user base all across the nation.
These dating apps have garnered the attention of Indian investors.
Fast-paced and undergoing rapid change
In the fiscal year 2015, TrulyMadly, one of the popular apps, raised an approximate of 35 crore INR from Helion Venture Partners and Kae Capital. Another similar app, Woo, has three major investors; Matrix Partners, Omidyar Network and mobile technology company, U2opia.
The Indian society is fast-paced and undergoing rapid change. With a large percent of the population under 30, inventors have to come up with more and better ways to attract consumers and customers. And with the slow but sure notion of online dating or even dating, in general, becoming acceptable, there is an all the more need for such changes in the digital world to cater to the Indian youth.
In the fiscal year 2014, the app Vee, with its headquarters in Noida, raised an approximate of 6.5 crores INR from Lightspeed Venture Partners.
Changing shift in thinking and society
Going forward, because of the changing shift in thinking and society, this sector is most likely to grow even further.
Most dating websites around the world are a monetized business, from premium services to profits coming in because of advertisements.