AppsForBharat, the parent company of the popular devotional app Sri Mandir, has successfully raised $18 million in its Series B funding round. The round was led by Fundamentum, with participation from Susquehanna Asia VC and existing investors Elevation Capital, Peak XV, and Mirae Asset VC. This funding will be utilized to enhance the Sri Mandir app, develop a technology stack for temples, introduce five new regional languages, and expand operations both in India and globally.
Expansion Plans and New Features
The fresh capital injection will enable AppsForBharat to significantly expand its offerings. The company plans to introduce new features to the Sri Mandir app, including spiritual tourism, special darshan tickets, and the delivery of Prasad and other devotional goods. These additions aim to enhance the user experience and cater to the growing demand for digital devotional services.
The Sri Mandir app, which allows users to participate in pujas, make offerings, and access devotional content from home, has already garnered over 30 million downloads since its launch in 2021. With the new funding, the app will also add five new regional languages, making it more accessible to a broader audience. Additionally, the company aims to build a comprehensive technology stack for temples, facilitating better management and digital integration.
Investor Confidence and Market Potential
The successful Series B funding round reflects strong investor confidence in AppsForBharat’s vision and market potential. Fundamentum, led by Indian billionaire and tech veteran Nandan Nilekani, played a crucial role in this round, contributing significantly to the total $18 million raised. The participation of other prominent investors like Susquehanna Asia VC, Elevation Capital, Peak XV, and Mirae Asset VC further underscores the company’s promising future.
With this latest round, AppsForBharat has raised nearly $32 million to date, including $10 million in Series A funding in September 2021 and $4 million in a Seed round in August 2021. The company’s valuation is now estimated to be between $90-100 million, highlighting its rapid growth and potential for further expansion.
Future Prospects and Industry Impact
AppsForBharat’s ambitious plans extend beyond just expanding the Sri Mandir app. The company aims to scale its operations in India and global markets such as the US, UK, and Canada. By leveraging the new funding, AppsForBharat will focus on enhancing its technology infrastructure, improving user experience, and expanding its reach to a global audience.
The devotional tech sector has seen significant growth in recent years, with startups like AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha collectively raising nearly $60 million over the past 15 months. AppsForBharat’s success in securing substantial funding amidst this competitive landscape is a testament to its innovative approach and strong market position.
As the company continues to innovate and expand, it is poised to make a significant impact on the devotional tech industry, offering users a seamless and enriched spiritual experience.
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