In its Series B1 round, ad-tech company AdOnMo has raised Rs 58.21 crore, or roughly $7 million. This is the Hyderabad-based company’s first significant investment since Zomato led its Series A round last year.
According to AdOnMo’s regulatory filing with the RoC, the board approved a special resolution to issue 4,156 CCPS and 36 equities at an issue price of Rs 1,38,850 each in order to raise Rs 58.21 crore, or $7 million.
Veterans of the healthcare industry Ravindranath Kancherla and his son Kancherla Pruthvinath contributed Rs 16.6 crore, while ZNL Growth (Z Nation Lab) and Qatar Insurance Company contributed Rs 8 crore and Rs 1.80 crore, respectively.
AdOnMo’s Series B round also included investments from thirty individual investors, including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy.
According to the filing, the company will use these investments for working capital needs and business expansion.
The media reports that AdOnMo is estimated to be worth approximately Rs 858 crore, or $105 million (post-money).
The company also raised debt totaling Rs 20 crore from Northern Arc and Alteria Capital during the current fiscal year.
Sandeep Bommireddi and Sravanth Gajula founded AdOnMo, an ad-tech company that offers targeted digital advertising to outdoor digital screens in 21 cities (residential and corporate parks).
Through several rounds, including the $15 million round led by Zomato last year, the company has raised about $25 million to date. With a 17.49% stake prior to this round, Zomato held the largest share of external stakeholders, followed by Astarc Ventures and BAce Capital.
AdOnMo’s revenue from operations quadrupled to Rs 75 crore in FY23, resulting in a rapid growth rate during the previous fiscal year. During the same period, the company incurred losses of Rs 38 crore.
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