The dating platform earned $181 million in revenue, registering a 27.45 per cent Y-o-Y growth
The United States (US)- based Bumble Inc -reported a revenue collection of $232.6 million for the July to September quarter of 2022. MagicLab, the parent organisation of Bumble, Badoo and Fruitz also hinted towards a 200 per cent year-on-year (Y-o-Y) growth in revenues in the third quarter of 2022 in India.
However, the company has not disclosed its exact figures till now.
Globally, Bumble Inc’s revenue increased by 17 per cent. Apart from Badoo and Fruitz, the dating platform earned $181 million in revenue, registering a 27.45 per cent Y-o-Y growth, Inc42 reported.
“India remains a notable highlight and revenue in India more than doubled year over year,” Whitney Wolfe Herd, founder and chief executive officer (CEO) said in a statement.
The matchmaking operator entered the Indian market in 2018. It attracted investment from Bollywood actresses Priyanka Chopra at that time.
Within a short period, Bumble gathered steam in the Indian market reaching 40 million users from 20 million within a year.
In 2019, the firm was acquired by MagicLab. However, Herd remained the company’s CEO. Later, Blackstone Group Inc acquired a majority stake in MagicLab.
Despite performing well in the third quarter, the company’s revenue forecast for the fourth quarter was below the expectation of the Wall Street Journal (WSJ). The company also suffered a 13 per cent drop in share prices in extended training. Due to inflation and the delay in launching products, Bumble may face tough challenges in the coming months.