Beijing-based mobile dating platform, Tantan has raised $70 million in its Series D round of funding, led by live streaming social network YY Inc. and Genesis Capital, with participation from SAIF Partners China and Zhong Wei General Partners, reports TechCrunch. Wang Yu, CEO of Tantan, told the publication that the funds will be used to explore monetisation options and to expand in Asia, especially India and Southeast Asia. However, targets and dates haven’t been finalised yet.
The company claims to have 60 million unique registered users on its platform, of which 6 million are daily active users. Tantan also claims that it has a male-to-female ratio of 6:4 on the platform, which if true is quite impressive.
In India, Tantan will have to compete with Tinder, which within a short span of time has become one of the most popular/preferred dating apps in the country. That’s in large parts because well before launching operations in India, Tinder was a well-known, albeit less used, dating app. Similar to what Spotify is today in the music streaming business. Indians are well aware of it, and waiting to see if and when it enters the market. Tantan, however, doesn’t have that advantage of familiarity.
In January last year, when Tinder opened its first international office in Delhi, the company claimed that it was making 26 million matches every day, and had processed 10 billion matches till date. While according to an October 2014 NYT report, Tinder claimed that users logged into the app an average of 11 times every day, with women spending about 8.5 minutes swiping during a single session, and men spending 7.2 minutes, adding up to 90 minutes every day.
It’ll also be competing with the likes of Woo, which acquired LA-based dating app DUS, to expand into international markets. The app offers features like TagSearch, which lets users search based on attributes like college, hometown, political leanings, etc. Other than this, apps like TrulyMadly, which raised Rs 35 crore in funding, OkCupid (also owned by Tinder parent Match Group), iCrushiFlush, Matchify (acquired by Matrimony.com) and Plenty of Fish etc. also operate in this space.