PC: The Economic Times
This country’s spiritual tech ecosystem has gotten another boost. AppsForBharat, the parent company of Sri Mandir, a devotional app, has raised $18 million in its Series B funding round. The fund was led by no other than Nandan Nilekani’s Fundamentum, which also saw participation coming in from Susquehanna Asia VC, along with existing investors Elevation Capital, Peak XV, and Mirae Asset VC.
This infusion of funds will be used toward strategic initiatives related to expanding the Sri Mandir app, building a solid technology stack for temples, incorporating five additional regional languages, and aggressively scaling operations within India and across global markets like the US, UK, and Canada.
This strategic funding round is in continuation of Entrackr’s exclusive report on the company’s Series B funding in May, further extending AppsForBharat’s growth trajectory. With this latest infusion of capital, the Bengaluru-based startup has now touched a topline of almost $32 million, besides the $10 million it picked up as part of its Series A fundraise in September 2021 and $4 million from the Seed round in August 2021.
Insight gleaned from its regulatory filings details the split of investments: it is led by Fundamentum with an investment of Rs 73.5 crore ($8.8 million), Elevation with Rs 19.3 crore, or $6.4 million, and Peak XV with Rs 13.8 crore, or $1.65 million. Other investors in this round include Mirae Asset, WEH Ventures, and Sai Global India-the investors present a wholesome mix of financing.
According to estimations drawn by TheKredible, AppsForBharat is likely to be valued between $90-100 million post allotment, reflecting the growing stature and potential of the company. Post the latest funding round, Fundamentum will hold a 10% stake in AppsForBharat, while Elevation and Peak XV will command 12.78% and 10.54% respectively, shaping the shareholding landscape of the company.
AppsForBharat, founded by the Visionary Prashant Sachan, has already carved a niche with its Sri Mandir app by providing access to more than 50 temples in different parts of the country where devotees can participate in pujas, make offerings, and receive devotional content while sitting in the comfort of their living rooms. Consultation facilities with astrologers and priests will be an addition to the spiritual experience of the user community.
Indeed, since its founding in 2021, Sri Mandir has grown dramatically to include more than 30 million app downloads, enable over 2.7 million pujas and offerings at temples all over India, while more than 500,000 devotees have engaged with the app over the last year alone. Looking ahead, Sachan said the company’s vision is to introduce services like spiritual tourism, special darshan tickets, and delivery of Prasad and associated devotional products within the next five years while further enhancing user experience and app offerings.
The funding success by AppsForBharat aligns with the larger trend of sizeable investments in the astro and spiritual tech sector, with startups like AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha raising close to $60 million cumulatively over the last 15 months. The sector has also seen its fair share of consolidation, with companies like Melooha making strategic acquisitions while several others have reportedly fallen foul of the cut and thrust of industry challenges.
Therefore, how AppsForBharat will use this fresh round of funding in addition to the visionary leadership and commitment to beautify the spiritual tech landscape turns out to be an important factor to reckon with as the company begins its next level of growth and innovation.
