Zomato-led Ad-tech Startup AdOnMo hoists $7 Mn in Series B1 Funding Round
Ad tech firm AdOnMo has secured an amount of Rs. 58.21 crore or around $7 million in its series B1 funding round. This is the first major fundraising round they have witnessed after its first funding round of Series A which was led by Zomato last year.
According to the regulatory filing of the company, AdOnMo has passed a special resolution to issue 36 equity and 4,156 CCPS at an issue price of Rs. 1,38,850 each to raise Rs. 58.21 crore or $7 million. An experienced personality from Healthcare sector, Ravindranath Kancherla and his son Kancherla Pruthvinath invested Rs. 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) allocated Rs. 8 crore and Rs 1.80 crore, respectively.
Three dozen individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also participated in Series B round of AdOnMo’s. The company will use these investments for business expansion and to meet working capital requirements.
The startup data intelligence platform TheKredible, informed that, AdOnMo has been valued at around Rs. 858 crore or $105 million. During this recent ongoing fiscal year, the company also raised Rs 20 crore in debt from Northern Arc and Alteria Capital.
The startup was founded by Sandeep Bommireddi and Sravanth Gajula. It is an ad-tech company which offers targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities. Presently, the company has raised around $25 million across rounds including its $15 million round led by Zomato last year. Before this round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures.
During last year, the company has grown at a rapid pace and its revenue from the operations grown up four-fold to Rs. 75 crore in FY23. Meanwhile, the company’s losses stood at Rs. 38 crore in the same period.
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According to the regulatory filing of the company, AdOnMo has passed a special resolution to issue 36 equity and 4,156 CCPS at an issue price of Rs. 1,38,850 each to raise Rs. 58.21 crore or $7 million. An experienced personality from Healthcare sector, Ravindranath Kancherla and his son Kancherla Pruthvinath invested Rs. 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) allocated Rs. 8 crore and Rs 1.80 crore, respectively.
Three dozen individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also participated in Series B round of AdOnMo’s. The company will use these investments for business expansion and to meet working capital requirements.
The startup data intelligence platform TheKredible, informed that, AdOnMo has been valued at around Rs. 858 crore or $105 million. During this recent ongoing fiscal year, the company also raised Rs 20 crore in debt from Northern Arc and Alteria Capital.
The startup was founded by Sandeep Bommireddi and Sravanth Gajula. It is an ad-tech company which offers targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities. Presently, the company has raised around $25 million across rounds including its $15 million round led by Zomato last year. Before this round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures.
During last year, the company has grown at a rapid pace and its revenue from the operations grown up four-fold to Rs. 75 crore in FY23. Meanwhile, the company’s losses stood at Rs. 38 crore in the same period.
