Grindr

Beijing Kunlun Tech Co., The Chinese software company behind an acquisition of popular gay dating app Grindr is now planning an IPO for the unit aimed for an overseas stock exchange at a not yet specified time.

As per a new stock exchange filing, A public offering for the dating app with over 3 million daily users would be determined by regulatory approval as well as capital market conditions. Kunlun first purchased a majority stake in the app 2 years ago for $93 million before completing a full buyout January this year.

Grindr’s users send over 228 million messages and 20 million photos each day on its service as per 2017 data indicating high usage of its service.

Grindr

The service which counts majority of its users across U.S. and Europe stands as one of the three major businesses operated by its parent firm Beijing Kunlun which also counts a popular gaming and entertainment service as part of its business.

“Grindr’s listing won’t exert a huge influence on the group’s revenues and profits,” Kunlun said in the filing. “Meanwhile, Grindr can have an individual and direct financing platform which can support its expansion and long-term development.”

Grindr initially started 9 years ago and had been bootstrapped by its founder Joel Simkhai with Kunlun’s investment marking the first outside money ever raised by the Los Angeles based firm.

Even with a Chinese owner, Grindr doesn’t stand as the major player in the region with the app facing heavy competition from gay dating service Blued which claims 40 million registered users and is the top gay dating platform in the Chinese region while having raised over $130 million in total.

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