AppsForBharat, parent company of SriMandir in talks to raise $15–20 M: Report
Three people with knowledge of the development say that AppsForBharat, the parent company of the devotional app SriMandir, is in discussions to raise a fresh round from both new and existing investors.
“AppsForBharat is in late-stage discussion with three new investors to raise $15-20 million,” said one of the sources requesting anonymity. “An Indian growth stage fund and a Singapore-based investor are in the race to lead the round.”
According to sources, Spinny, Pharmeasy, FarEye, and Probo are just a few of the businesses that the Bengaluru-based growth stage fund has supported.
The startup, based in Bengaluru, had raised $4 million in August for a seed round and $10 million in Series A funding in September 2021.
AppsForBharat reportedly wants to be valued at almost $100 million.
“Existing investors including Peak XV and Elevation will also join the round on a pro-rata basis. The contours of the deal are being chalked out and the deal is likely to materialize later this month,” said another source who also wished not to be named as discussions are private.
The main product of AppsForBharat, SriMandir, enables users to make their own customized shrines, watch videos, read scriptures, participate in prayer groups, and access a vast library of spiritual texts. Moreover, users can seek advice from priests and astrologers.
Since its launch in 2021, it claims to have received over 10 million downloads.
Peak XV, BEENEXT, Matrix Partners, and angel investors like Scott Schleifer, Ankush Sachdeva, Farid Ahsan, and Bhanu Pratap Singh, as well as Utsav Somani, Vidit Aatrey and Sanjeev Barnwal, Kunal Shah, and Sai Srinivas, are among the many investors in AppsForBharat.
According to the media, AppsForBharat reported revenue of Rs 3.53 crore and a loss of Rs 45 crore for FY23. In the most recent fiscal year (FY24), a better performance from the company is anticipated.
Its rivals include 27 Mantra, Utsav App, Sutradhar, and DevDham.
Media reports indicate that in the last year, astrological and spiritual tech startups have raised about $25 million. Along with Ustav App and DevDham, other notable fundraisers during that time included InstaAstro, AstroTalk, Vama, and Melooha.
