Devotional App AppsForBharat mops up $18 million in Series B Funding round
The parent company of the devotional app Sri Mandir,AppsForBharat, has declared fundraising of $18 million in its Series B funding round led by Nandan Nilekani’s Fundamentum. The round also included contributions from Susquehanna Asia VC, and existing investors Elevation Capital, Peak XV, and Mirae Asset VC.
In the company's press release, it expressed that, the fresh proceeds will be used to expand the Sri Mandir app, expand their technology stack for temples, added five new regional languages, and scale operations in India and international markets such as the US, UK, and Canada.
With this newly raised funding, the Bengaluru-based startup has raised nearly $32 million, including $10 million in Series A funding in September 2021 and $4 million in a Seed round in August 2021. The company’s Regulatory filings showed that Fundamentum invested Rs.73.5 crore or $8.8 million, while Elevation and Peak XV contributed Rs.19.3 crore or $6.4 million and Rs.13.8 crore or $1.65 million, respectively. Mirae Asset, WEH Ventures, and Sai Global India provided the remaining funds.
Startup intelligence platform, TheKredible estimates AppsForBharat's valuation to be between $90-100 million post-funding.
Post this round, Fundamentum will hold a 10% stake in AppsForBharat, while Elevation Capital and Peak XV will hold 12.78% and 10.54%, respectively. For detailed shareholding information.
Founded by Prashant Sachan, the Sri Mandir app offers access to over 50 temples, allowing users to join pujas, make offerings, and view devotional content from home. It also provides consultations with astrologers and priests.
Since its inception in 2021, Sri Mandir has attracted over 30 million downloads. In the past year, more than 500,000 devotees have completed 2.7 million pujas and offerings through the app.
Sachan plans to introduce spiritual tourism, special darshan tickets, and delivery of Prasad and other devotional goods over the next five years.
Despite challenges, the astro and spiritual tech sector has secured significant funding. According to TheKredible, startups like AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha have collectively raised nearly $60 million in the past 15 months. The sector has seen some consolidation, with Melooha acquiring Munitalks and My Tirth India shutting down due to financial issues.
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In the company's press release, it expressed that, the fresh proceeds will be used to expand the Sri Mandir app, expand their technology stack for temples, added five new regional languages, and scale operations in India and international markets such as the US, UK, and Canada.
With this newly raised funding, the Bengaluru-based startup has raised nearly $32 million, including $10 million in Series A funding in September 2021 and $4 million in a Seed round in August 2021. The company’s Regulatory filings showed that Fundamentum invested Rs.73.5 crore or $8.8 million, while Elevation and Peak XV contributed Rs.19.3 crore or $6.4 million and Rs.13.8 crore or $1.65 million, respectively. Mirae Asset, WEH Ventures, and Sai Global India provided the remaining funds.
Startup intelligence platform, TheKredible estimates AppsForBharat's valuation to be between $90-100 million post-funding.
Post this round, Fundamentum will hold a 10% stake in AppsForBharat, while Elevation Capital and Peak XV will hold 12.78% and 10.54%, respectively. For detailed shareholding information.
Founded by Prashant Sachan, the Sri Mandir app offers access to over 50 temples, allowing users to join pujas, make offerings, and view devotional content from home. It also provides consultations with astrologers and priests.
Since its inception in 2021, Sri Mandir has attracted over 30 million downloads. In the past year, more than 500,000 devotees have completed 2.7 million pujas and offerings through the app.
Sachan plans to introduce spiritual tourism, special darshan tickets, and delivery of Prasad and other devotional goods over the next five years.
Despite challenges, the astro and spiritual tech sector has secured significant funding. According to TheKredible, startups like AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha have collectively raised nearly $60 million in the past 15 months. The sector has seen some consolidation, with Melooha acquiring Munitalks and My Tirth India shutting down due to financial issues.
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