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Good Capital launches to close the funding gap for early-stage Indian startups

Rohan Malhotra and Arjun Malhotra left their jobs in London and Silicon Valley to explore opportunities in India in late 2013. A year later, the brothers launched Investopad to connect with local startup founders and product managers and built a community to exchange insight. Somewhere in the journey, they wrote early checks to social-commerce startup Meesho, which now counts Facebook as an investor, Autonomic, which got acquired by Ford, and HyperTrack, among others. Now the duo is ready to be full-time VCs.

On Monday, they announced Good Capital, a VC fund that would invest in early-stage startups. Through Good Capital’s maiden fund of $25 million, the brothers plan to invest in about half a dozen startups in a year and provide between $100,000 to $2 million in their Seed and Series A financing rounds, they told TechCrunch in an interview last week.

“Through Investopad, we helped startup founders raise money, provided guidance, and helped them find customers. We did a ton of events, and learned about the market,” said Arjun, who worked at Capricorn Investment Group and also acted in 2014 blockbuster Bollywood title “Highway.”

Investopad’s first fund portfolio stands at a gross IRR of 138.3% and nine of its 12 investments have realised returns, with every dollar invested already returned, the brothers said.

Good Capital will focus on investing in startups that are building solutions that address users who have come online in India for the first time in the last two years, they said.

“We don’t have laser-focus on a particular sector,” said Rohan, who previously worked as a sports agent in the talent management business. “Our primary focus is to help startups that are taking a bottom-up approach.”

One example of such startup is Meesho, a social-commerce startup that has amassed over 2 million users who are engaging with the platform to sell products across India.

In a statement, Vidit Aatrey, cofounder and CEO of Meesho, said, “Rohan and Arjun were our earliest investors. They have a phenomenal global network of entrepreneurs, operators and investors. They helped us early on with introductions to such people; who brought not only capital but, more importantly, valuable operational inputs which helped us learn quickly and find product-market fit faster. While we’ve grown from 2 people to over 1,000+ at Meesho, they remain close confidants!”

The VC fund has completed its first close of $12 million from Symphony International Holdings, a host of European family offices, and a number of other Silicon Valley entrepreneurs.

Sundeep Madra, CEO of Ford X, and Yogen Dalal, Partner Emeritus at the Mayfield Fund and founder of Glooko, and Dinesh Moorjani, Managing Director of Comcast Ventures and founder of Hatch Labs and Tinder, will serve as advisors to Good Capital.

“Rohan and Arjun have a unique ability to identify trends and bring together founders and investors to go after the unique problems that India needs to have solved. They operate with a sense of urgency and innovation which is a major key at the seed-stage.” said Madra, who has invested in companies such as Uber and Zenefits.

The fund has also set up an investment committee whose members are Sanjay Kapoor, former CEO of Airtel and now a senior advisor at BCG, Rahul Khanna, formerly a managing partner at Cannan Partners and now founder of Trifecta Capital, and Kashyap Deorah, a serial entrepreneur who is currently building HyperTrack.

Good Capital has also already made two investments: SimSim, a video-based e-commerce platform that is trying to replicate the experience consumers have in offline stores, and Spatial, a cross-reality platform that allows people to collaborate through augmented reality. Garrett Camp, a founder of Uber and Expa, and Samsung Next have also invested in Spatial.

The VC fund is also interested in funding business-to-business startups, though they say these startups would ideally be building solutions for overseas markets. “There we are generally targeting makers, developers and designers, rather than solving problems for heavy-duty sales businesses.”

The arrival of Good Capital should help the Indian startup community, which today has to rely on a handful of VC funds that invest in early stage startups. “Conventionally, funds have targeted the top of the pyramid by exploring visible opportunities and replicated US companies and models,” said Moorjani in a statement.

“In contrast, Good Capital’s first principles thinking applied to India’s larger economy, which is coming online at scale with a supporting ecosystem for the first time, has been refreshing to see. The team is beyond talented.,” he added.

Even as Indian tech startups raised a record $10.5 billion in 2018, early-stage startups saw a decline in the number of deals they participated in and the amount of capital they received.

Early-stage startups participated in 304 deals in 2018 and raised $916 million in funds last year, down from $988 million they raised from 380 rounds in 2017 and $1.096 billion they raised from 430 deals the year before, research firm Venture Intelligence told TechCrunch.

As for Investopad, the brothers said they have hired a number of people who will now continue its operation.

Match Group records solid first-quarter revenue thanks to an increase in Tinder subscribers

Match Group’s revenue saw solid growth in the first quarter thanks to an increase in Tinder subscribers. The company, whose portfolio of dating apps also includes Match.com, PlentyOfFish, OkCupid and Hinge, among others, said in its earnings report today that total quarterly revenue grew 14% year over year to $465 million. If the effects of foreign exchange aren’t included, growth would have been 18%.

Net earnings attributable to shareholders grew 23% to $123 million, or 42 cents per share, from $99.7 million, or 33 cents in the same period a year ago. Operating income increased 6% to $119 million from $112 million. During the first quarter of 2019 and 2018, Match Group recorded an income tax benefit of $28 million and $12 million, respectively, related to the exercise of vesting of stock-based awards.

During the first quarter, Tinder average subscribers were 4.7 million, up from 384,000 in the previous quarter and 1.3 million year over year. In total, Match Group’s average subscribers increased 16% to 8.6 million, up from 7.4 million a year ago. Match Group said the growth in subscribers and increase in average revenue per user (ARPU) at Tinder boosted its revenue, but it was partially offset by foreign exchange effects. ARPU was flat year-over-year, but without foreign exchange effects, it would have increased by 4% to 60 cents.

The company said its adjusted EBITDA (earnings before interest, tax, depreciation and amortization) growth was impacted by the higher cost of generating revenue, specifically in-app purchase fees because revenue increasingly comes through mobile app stores, and higher legal costs, but offset by lower selling and marketing expenses. Adjusted EBITDA grew 13% to $155 million from $138 million.

During the first quarter, Match Group restructured its executive team, appointing three new general managers to oversee regions in Asia in order to gain more users there and focus on international growth. Its first-quarter earnings presentation highlighted opportunities in India, where Tinder is the highest-grossing Android app according to App Annie; Japan, where Match Group now owns two of the top five dating apps (Pairs is number one in Japan, while Tinder is ranks at fourth); and Southeast Asia, where Tinder is now within the top 10 grossing apps in six countries.

The company did not break down earnings by country, but during the first quarter, it had a total of 8,613,000 million average subscribers, with 4,361,000 in North America and 4,252,000 internationally. Total ARPU was 58 cents: 60 cents in North America and 56 cents internationally. Total revenue was $ $464.6 million, and of that $454 million was direct revenue, split between $237.8 million from North America and $216.2 million from international (indirect revenue is revenue that does not come directly from Match Group’s end users, and most of that is advertising revenue.

Which dating app is right for you? Use this guide to figure it out.

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Online dating is officially mainstream. “We met on Tinder” is the new “we met at a bar.” 

Countless children have been born whose parents met via an online dating app like Match or eharmony. According to a survey conducted by popular wedding planning site The Knot, online dating is the most popular way that currently engaged couples met, up 5% in just two years.

SEE ALSO: Best hookup apps and sites and how they can help you get it on

With so many options, it can be hard to know where to find the best crop of potential mates. Each of the dating apps out there has features that will matter differently to you depending on your lifestyle, what you want, and what’s most important to you. Looking for Mrs. Right? Or perhaps just Mr. Right Now? It’s helpful to know how each dating app is different so that you’re surrounding yourself with people who want the same thing as you. Read more…

More about Dating, Online Dating, Tinder, Dating Apps, and Bumble

Tinder owner Match is suing Bumble over patents

Drama is heating up between the dating apps.

Tinder, which is owned by Match Group, is suing rival Bumble, alleging patent infringement and misuse of intellectual property.

The suit alleges that Bumble “copied Tinder’s world-changing, card-swipe-based, mutual opt-in premise.” The lawsuit also accuses Tinder-turned-Bumble employees Chris Gulczynski and Sarah Mick of copying elements of the design. “Bumble has released at least two features that its co-founders learned of and developed confidentially while at Tinder in violation of confidentiality agreements.”

It’s complicated because Bumble was founded by CEO Whitney Wolfe, who was also a co-founder at Tinder. She wound up suing Tinder for sexual harassment. 

Yet Match hasn’t let the history stop it from trying to buy hotter-than-hot Bumble anyway. As Axios’s Dan Primack pointed out, this lawsuit may actually try to force the hand for a deal. Bumble is majority-owned by Badoo, a dating company based in London and Moscow.

(It wouldn’t be the first time a dating site sued another and then bought it. JDate did this with JSwipe.)

Match provided the following statement:

Match Group has invested significant resources and creative expertise in the development of our industry-leading suite of products. We are committed to protecting the intellectual property and proprietary data that defines our business. Accordingly, we are prepared when necessary to enforce our patents and other intellectual property rights against any operator in the dating space who infringes upon those rights.

I have, um, tested out both Tinder and Bumble and they are similar. Both let you swipe on nearby users with limited information like photos, age, school and employer. And users can only chat if both opt-in.

However, Tinder has developed more of the reputation as a “hookup” app and Bumble doesn’t seem to have quite the same image, largely because it requires women to initiate the conversation, thus setting the tone.

As TechCrunch’s Sarah Perez pointed out recently, “according to App Annie, Tinder is more than 10x bigger in terms of monthly users and 7x bigger in terms of downloads in the last 12 months, versus Bumble.”

We’ve reached out to Bumble for comment.

Shut it down: Jesus is on Tinder now

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Jesus may be your lord and savior, but could he also be your next boyfriend? Just swipe right on his amazing Tinder profile to find out.

A dating app doesn’t seem like the most obvious place to find the son of God, but this is 2017. Anything can happen. And Jesus has recently been popping up on Tinder, where he displays his characteristic modesty by listing his profession as carpenter. 

He’s looking for love with both men and women. So if you’re into beards, draped robes and much older men — he’s listed as 21 but he reminds you in his profile that he’s actually several thousand years old — this could be a match made in, er, heaven. Read more…

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NYPD responds to captain's absurd comments about rape and Tinder

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A police captain made some eyebrow-raising remarks about an increase in sexual assaults in a New York City neighborhood, according to an article published Friday.

His comments were so off-base, and they whipped up a storm of controversy so large, that the mayor’s office had to respond. So did the New York Police Department. 

In comments reported by local news website DNAinfo New York, NYPD’s 94th precinct Capt. Peter Rose distinguished between “stranger rape” and “acquaintance rape,” lumping Tinder into the latter. 

“They’re not total abomination rapes where strangers are being dragged off the streets … If there’s a true stranger rape, a random guy picks up a stranger off the street, those are the troubling ones. That person has, like, no moral standards,” he was reported as saying. Read more…

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