Dating app Juleo raises $2.5 million in funding
Dating app Juleo which aims to solve the matchmaking crisis has raised $2.5 million in a funding round from Livspace founder Ramakant Sharma, Cred founder Kunal Shah, Acko cofounder Ruchi Deepak, and Groww founders Harsh Jain and Lalit Keshre, among others.
The funds will be used for building the team as well as for growth and marketing efforts.
“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 founder and chief executive Varun Sud.
Founded in 2023 by Chiranjeev Ghai and Sud, the Delhi NCR-based platform is a singles’ club with an AI matchmaking genie that shares curated profiles and arranges first meetings with other compatible club members.
Sud highlighted that the key problem with dating apps is that users are connecting but not meeting in person. Juleo claims to tackle this issue.
“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. Its revenue model will follow a membership fee subscription approach.
“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
