We are discussing AppsForBharat to Raise $19 Million in a Round Led by Nandan Nilekani’s Fundamentum Partnership:
AppsForBharat has previously raised $14 million from VC funds and angel investors, including Tiger Global. The startup is planning to raise another $19 million in a funding round led by Fundamentum Partnership, a firm run by Nandan Nilekani. Moneycontrol reported that the round could include participation from the firm’s existing investors.
The startup is backed by Elevation Capital, Peak XV partners, and Matrix Partners India, among others. AppsForBharat is the parent company of a devotional app, Sri Mandir. The Sri Mandir app allows users to book poojas at the temple and offers a spiritual text, scripture, and video library. The app has a feature that allows priests and astrologers to consult. Last year, the Indian religious and spiritual market had a valuation of $30 billion. Astrology is expected to grow at a CAGR of 10 and reach over $150 billion by 2032. fund. This startup plans to expand its market and customer base while building its brand presence nationwide.
Startups with a Faith-based economy, especially around the temple ecosystem, are in demand. This Bengaluru-based startup secured $3 million in debt, taking the total funding to around $22 million. The round will value this startup around $80-90 million. The value may vary due to ongoing deals and rounds. The company will use these fresh proceeds to expand its customer base by offering various services. AppsForBharat is a product studio focused on building mobile and web applications for the spiritual and devotional guidance of Indian users. The startup aims to become the most trusted devotional app in India.
The startup previously secured $10 million in a Series A round and $4 million in a seed funding round. The company claims to have had more than 10 million downloads since its inception. AppsForBharat reported Rs 3.53 crore in revenue with a 45 crore loss in FY23 and is expected to grow in FY24. The startup competes with DevDham, Sutradhar, 27 Mantra, and Utsav App, among others.
Conclusion
AppsForBharat, a parent company of Sri Mandir is raising $19 million fund in a round led by Nandan Nilekani’s Fundamentum Partnership. This Bengaluru-based startup is also securing $3 million in debt, taking the total funding amount to around $22 million. The round will value this startup around $80-90 million. The funding round is expected to involve participation from the firm’s existing investors, including Elevation Capital, Peak XV partners, and Matrix Partners India.
The app has a feature that allows priests and astrologers to consult. AppsForBharat is a product studio focused on building mobile and web applications for the spiritual and devotional guidance of Indian users. The company will use these fresh proceeds to expand its customer base by offering various services. AppsForBharat gives competition to DevDham, Sutradhar, 27 Mantra, and Utsav App, among others. The astrology sector is expected to grow in the upcoming years. The worth of this startup may vary due to ongoing deals and rounds.
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