Dating App Aisle Raises Pre-Series A Round Led By Hurun India And Konglo Ventures
Free Book Preview Money-Smart Solopreneur
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Bengaluru-based dating app Aisle said on Monday that it has closed its pre-Series A funding round led by Anas Rahman, Founder and MD, Hurun India, and Vinod Jose, founder, Konglo Ventures. The round also saw the participation of a number of existing investors and other angel investors.
The undisclosed sum will be deployed by the firm to help drive Aisle's strategy of entering tier-II markets across India, as well as expand its reach in major NRI markets.
“We are proud to have introduced a high-intent dating product exclusively for Indians in 2014. Back then, only tier-I cities were ready for our product; dating etiquette was far from where it has reached today. But things have changed since the lockdown, tier-II cities are showing growing acceptance of technology and its use in their daily lives. This fundraise will help us execute some of our plans for Bharat and help young Indians in their late 20s and 30s meet someone special while also honoring our traditions,” said Able Joseph, founder, and chief executive, Aisle.
Today, the app has acquired over 3 million users, 9 per cent of whom are NRIs from across 100 countries.
“The Indian dating industry is one of the fastest-growing in the world and the fact that Aisle addresses high-intent dating specifically helps them stand out from the clutter. We believe Able and his team is working on a sustainable solution that could potentially transform the Indian dating industry,” stated Anas Rahman, founder, and MD, Hurun India.
The app connects people of Indian-origin from around the world. Amongst the top five grossing dating apps in India, Aisle is the only brand built by Indians and it competes with billion-dollar companies like Tinder, Bumble among others, the company said.
Over the last two quarters, Aisle saw more downloads than Bumble and became the second most popular dating app in India. Aisle also recently integrated the interact before matching feature, ‘Rooms’, on its app. As a leader in the high-intent space, the app launched ‘Concierge’, priority-based matchmaking by browsing through a collection of handpicked profiles on its app, it further said.
“It has been a privilege to have a courtside seat over the last four years to watch how Able and his fantastic team at Aisle have created a space for themselves in one of Internet's oldest sectors. It is not often you come across a founder that truly cares about solving a problem to its fullest extent,” added Vinod Jose, founder, Konglo Ventures. “This is reflected in the way Aisle approaches the unique dating landscape in modern India by creating a memorable experience for young Indians in finding meaningful relationships or life partners. I am excited to continue supporting them as they prepare for their next growth phase and continue to solve a major problem in the lives of young aspiring Indians.”
The app’s previous round of funding was announced in 2017, led by investors including CIO Angel Network and Konglo Ventures.
The company turned EBITDA positive shortly after and has recorded 85.24 per cent CAGR over the last three financial years.