Juleo is an online match-making platform that raised $2.5 million from over 180 angel investors in its new funding round. The funding round saw the participation of CRED founder Kunal Shah, co-founder of Groww Harsh Jain and Lalit Keshere, and previous chairman of JP Morgan India Leo Puri, among others. The company did not disclose how it plans to use these fresh proceeds but it might be used to grow its business and marketing.
The company plans to expand its network and aim for market expansion this year while strengthening its market presence globally. The platform uses artificial intelligence and recommends the most suitable profile to users. The application only allows users to access the platform after verifying them through government identification proof and videos. The artificial intelligence then finds a profile based on the likes and dislikes of an individual and connects them. The CEO and co-founder of Juleo, Varun Sud showed his gratitude to all the angel investors and mentioned that the advice and network from the investors with their team will change the modern matchmaking criteria. The firm may launch new services and categories using this new investment.
This match-making platform previously secured 1.78 million USD during its seed funding round. The data intelligence platform, tracxn reported that the company had a post-money allotment valuation of $9.47 million on October 2023. The company claims to provide a digital platform to provide trusted, safe, and responsible services to an individual looking for a partner. The application has an AI matchmaking genie that shares profiles and arranges first meetings with matched club members. The dating platform faces competition from other companies in the same segment such as Tinder, Woo app, and Bumble, among others.
The startup offers its services and club memberships through its app available in Apple Store and Google Play store. Juleo keeps women’s profiles private by default for safety reasons and to prevent them from getting stalked. The women users can make their profile visible to men they want to connect with. The development came just when the dating sector was growing rapidly. The number of Indian users on dating platforms increased by 293% in the last five years to 82.4 million in 2023. The Indian dating apps are predicted to generate a revenue of $403 million in the next four years.
Conclusion:
Juleo is an online dating platform that successfully secured around 2.5 million USD in its fresh funding round. This round was led by 180 angel investors including 7 unicorn founders such as CRED founder Kunal Shah, and former chairman of JP Morgan India Leo Puri. The company did not disclose its plans to use this investment, but the company is expected to use it to scale its operations and enhance its services and marketing. The platform allows users to access the platform after verifying their government identity proof and videos. The application uses artificial intelligence to find a suitable match using the dislikes and likes of users. Juleo arranges the first meeting of users after making the successful connection.
