The parent company of the devotional app Sri Mandir, AppsForBharat, has raised $18 million in a Series B funding round led by Fundamentum, which is led by Nandan Nilekani. In addition to Elevation Capital, Peak XV, and Mirae Asset VC, the round also saw participation from Susquehanna Asia VC.
According to a press release from AppsForBharat, the money will be used to scale operations in India and international markets like the US, UK, and Canada, add five new regional languages, develop a technology stack for temples, and expand the Sri Mandir app.
The Bengaluru-based startup has raised almost $32 million with this most recent round. Previously, it had raised $10 million in Series A funding in September 2021 and $4 million in a Seed round in August 2021.
According to information obtained from the company’s regulatory filings, Elevation and Peak XV invested Rs 19.3 crore ($6.4 million) and Rs 13.8 crore ($1.65 million), respectively, while Fundamentum contributed Rs 73.5 crore ($8.8 million). The remaining sum was invested collectively by Sai Global India, WEH Ventures, and Mirae Asset.
AppsForBharat’s post-allotment valuation is expected to range from $90-100 million, according to media estimates.
Fundamentum will own 10% of AppsForBharat after the new proceeds are received, while Elevation and Peak XV will hold 12.78% and 10.54%, respectively.
The Sri Mandir app, created by Prashant Sachan, provides users with access to more than 50 temples. They can use it from home to participate in pujas, make offerings, and watch devotional videos. Priests and astrologers can also be consulted via the app.
Sri Mandir has received over 30 million app downloads since its 2021 launch. Over 500,000 devotees have reportedly performed 2.7 million pujas and offerings at temples all over India using the Sri Mandir app in the previous 12 months, according to the company.
Over the next five years, according to Sachan, the company wants to increase the range of services it offers by introducing spiritual tourism, facilitating special darshan tickets, and delivering prasad and related devotional goods.
Despite obstacles, astrological and spiritual tech startups have succeeded in obtaining substantial funding. According to media data, companies in this space, such as Melooha, Vama, Ustav App, DevDham, InstaAstro, and AstroTalk, have raised a total of almost $60 million in the last 15 months. Consolidation in the industry has also occurred, with Melooha purchasing Munitalks and My Tirth India closing its doors owing to financial issues.
