Dating App Juleo Raises $2.5 Million in Funding Round
- ByStartupStory | August 6, 2024
Juleo, a dating app designed to address the matchmaking crisis, has successfully raised $2.5 million in a funding round. The investment came from notable industry leaders, including Livspace founder Ramakant Sharma, Cred founder Kunal Shah, Acko cofounder Ruchi Deepak, and Groww founders Harsh Jain and Lalit Keshre, among others.
The newly acquired funds will be directed towards expanding the team, as well as growth and marketing efforts. Varun Sud, founder and chief executive of Juleo, highlighted the app’s mission in a statement:
“Dating app burnout and mental health issues sadly affect singles globally today. We intend to build a trusted club for singles that provides them with a safe, trustworthy, and responsible service to find real love,” said Sud.
Founded in 2023 by Chiranjeev Ghai and Sud, Juleo is based in Delhi NCR and operates as a singles’ club. The platform features an AI matchmaking genie that shares curated profiles and arranges first meetings with other compatible club members. Sud emphasized a significant issue with existing dating apps:
“The key problem with dating apps is that users are connecting but not meeting in person. Juleo claims to tackle this issue,” Sud said.
Juleo aims to differentiate itself by encouraging real-life interactions facilitated by AI technology.
“There are a lot of people who are building AI boyfriends and girlfriends, but we believe that real people need to meet and an AI matchmaker can make that process better,” Sud told ET in an interaction. The platform’s revenue model will follow a membership fee subscription approach.
Sud further explained the market potential for Juleo in India:
“What we believe is that it will take one to two million users per annum in India to build a venture-scale business. The interesting part is, unlike many other places, this is one category which is culturally also so important to us that there is a propensity to pay. We see that with offline matchmakers because people are paying thousands or lakhs of rupees to some of these premium offline matchmakers,” Sud added.
Ramakant Sharma, founder of Livspace, expressed his enthusiasm for the project:
“Driven by a team of incredibly sharp and talented professionals, Juleo is on a mission to solve one of the most complex consumer internet problems of our time. I am very excited to be a part of their journey and look forward to supporting them in all possible ways,” said Sharma.
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