Bumble, an online dating application, will conduct an initial public offering (IPO) on the Wall Street stock exchange in the first quarter of next year.
As a popular online dating app in the United States, Bumble is known to compete with Tinder, Hinge, Match, and OKCupid, which are wholly owned by Match Group IAC.
However, Bumble characterizes his application by empowering women to take the first steps against the man she is aiming for. Bumble was found in 2014 by Whitney Wolfe Herd.
Apart from Bumble, the company also presents other applications, such as Badoo, an online dating service popular outside the US.
Quoting CNN Business, Sunday (15/11), if the IPO is carried out, Bumble’s valuation could reach $6 billion – $8 billion.
Bumble’s valuation rose after investment from firm Blackstone bought a majority stake in a $3 billion deal last year.
Online dating applications are increasingly in demand during Covid-19 pandemic
In the era of the Covid-19 pandemic, online dating applications are increasingly in demand, despite the fact that many people live in their homes more often. Bumble’s performance set a record 26 percent increase in instant messaging at the start of the pandemic.
Bumble Strategy Vice President Priti Joshi said the average call time on his online dating app reached 28 minutes in May.
Under the leadership of Wolfe Herd, Bumble has also expanded internationally and only invested in Asia, Central America and Europe.
In 2018, Bumble also launched in India. Expansion to India at that time was a topic of conversation, given the fact that India is a country with the highest level of sexual violence in the world.
“The most traditional mindset, the most misogynistic globally, it’s a market. For us, it’s a wide open meadow,” Wolfe Herd said.
Bumble had 66 million users in September last year and recorded a profit from users. The basic version of this online dating app is free, but users can purchase additional features.
Read now: 4 Tips for Hunting a Successful Job