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FRND, a social media and dating app focussed on non-metro cities, is in the process of raising $25 million from new and existing investors such as India Quotient and Elevation Capital, sources privy to confidential information.
A number of companies are solving loneliness and making money. A number of users are caught in the web of loneliness and are looking for ways to engage with more people, especially of the opposite gender, to fight their way out. In the process, dating apps are thriving. FRND is one such beneficiary.
“The company is thriving because it is chasing the gap left by majors like Tinder, Bumble and others. These global companies focus on the native English speakers but FRND is more for Tier 2 and beyond regions,” a source mentioned.
For FRND, this will be the largest round and will use the money to publicise more and get more users to use its platform. The more the users, the higher the chances of monetisation. The company has scaled rapidly from Rs 21 crore in revenue in FY23 to Rs 74 crore in FY24. It also turned a profit of Rs 9.4 crore, up from Rs 13 crore in losses the previous year, likely fueling investor interest.
About FRND
FRND is an Indian audio-based social discovery app founded in 2019 by IIT Kanpur alumni Bhanu Pratap Singh Tanwar, Hardik Bansal, and Harshvardhan Chhangan. FRND focusing on making new friends through voice-based interactions and games in a safe, sleaze-free environment. Based in Bangalore and operating under Cold Brew Tech Private Limited, the app offers features like real-time audio chats, group chat rooms, virtual gifting, and personalized matching to foster connections.