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Thursday, March 23, 2023

Matrimony startup Betterhalf raises $8.5M from Finsight Ventures, others

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The financing comes after the Bengaluru-based business secured $3 million in its Pre-Series A round in May 2021. Betterhalf, created in 2016 by MIT grads Pawan Gupta and Rahul Kumar Namdev, targets high-income people in Tier I cities. Betterhalf also claims to have created the quickest AI-based matchmaking system in the world, which it has trademarked in the United States.

Betterhalf, an AI-powered marriage firm, has secured $8.5 million (INR 70.2 crore) in its Series A round of investment. Rebel Fund, Nurture Ventures, and FinSight Ventures all participated in the round.

This fundraising round was also supported by angel investors Mike Krieger (cofounder of Instagram), ArashFerdowsi (cofounder of Dropbox), Derek Callow (former Bumble CMO), and Brendan O’Driscoll (former product head at Spotify), among others.

Betterhalf previously secured $3 million in its Pre-Series A round in May 2021 from investors including S2 Capital and Quiet Capital, as well as angel investors Kunal Shah and SamvitRamadurgam.

The firm was also a member of Y Combinator’sWinter 2021 cohort, which received a $500K investment from the early-stage accelerator.

Betterhalf, founded in 2016 by MIT graduates Pawan Gupta and Rahul Kumar Namdev, targets high-income individuals in the country’s Tier I cities. Betterhalf also claims to have developed the world’s fastest AI-based matchmaking system, which it has patented in the United States (US Patent No. 16/777,773).

Betterhalf promises to combine relationship data from couples all around the world and AI to create a mix of personalised experiences. This comprises a tailored subset of matches as well as a short turnaround time to discover the best companions.

Human matchmakers are also available through the startup, allowing for a more personalised search. It also provides a variety of wedding services like as décor, locations, photographers, and cosmetics. Betterhalf has recently launched wedding financing as well as wedding planning services.

Among its competitors are Anupam Mittal’s Shaadi.com, BharatMatrimony, and Info Edge’s Jeevansaathi. As per reports, the startup’s user base has increased thrice in the last nine months.

Matrimonial services are very important in India and play an important role in the majority of weddings. According to Statista, India’s online marriage services would generate roughly $260 million in income in 2022, rising 2.4 times from $110 million in 2017.

Tinder’s parent company, Match Group, was recently rumoured to be in discussions to purchase a share in Shaadi.com. The news comes roughly five months after Anupam Mittal, the CEO and creator of Shaadi.com, said that the matrimonial site planned to go public in the second half of 2023.

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