Bengaluru-based Betterhalf, a marriage super app for urban Indians has raised $8.5 million in a Series A Funding round led by FinSight Ventures and other marquee investors including Mike Krieger, the co-founder of Instagram, Arash Ferdowsi, the co-founder of Dropbox, Derek Callow, ex CMO of Bumble, Scott Belsky, founder of Behance, Brendan O’ Driscoll, ex product head of Spotify, Manik Gupta, ex CPO of Uber, Punit Soni, ex CPO of Flipkart and Ravish Naresh, co-founder and CEO of Khatabook. Additionally, Rebel Fund, Nurture Ventures and Leonis Invested also joined the round.
In a statement, the company has claimed to be on a sharp growth trajectory in online matchmaking, full-stack tech-enabled wedding planning services and astrology services as ‘AstroZodiac’ launched recently.
Incepted in 2019, Betterhalf has recorded a 2x jump in annual revenue in six months. It has seen a 17 per cent MoM (month-on-month) growth, recording a $2.5 million annualised revenue. It has also registered a 3x surge in the overall number of users in nine months, the statement added.
Betterhalf has claimed to achieve more than one million users monthly active. In addition, Betterhalf also announced its second ESOP (employee stock ownership programme) buyback. Their first ESOP buyback was done 15 months ago in Dec 2021.
The company recently elevated Biru Kumar to vice president of engineering exhibiting a focus on technology to solve problems at scale.
Elated with the funding announcement, Pawan Gupta, the co-founder and CEO of Betterhalf, said, "Our razor focus on becoming the super app of matrimony & full stack tech-enabled wedding services will drive our next set of growth & would like to thank all our investors for being part of our growth journey. With positive cash flow and a super entrepreneurial styled team, we are poised to give an incredible super app experience"
Addressing the investment, Alexy Garyunov, the general partner of FinSight Ventures, said, "Betterhalf represents a breakthrough technology in the matrimony space. The platform knows how to leverage technology to its ability in breaking the large problem and build robust solutions for scale especially full-stack tech-enabled wedding services makes us immensely confident.”