Total amount raised
$41.7 Millions
Latest funding date
09/01/2024
Location
AppsForBharat has successfully raised $18 million in a Series B funding round to enhance its spiritual app, Sri Mandir. The company has also announced its first ESOP buyback for 25 employees, valued at Rs 2.1 crore.
With 24 investors backing the platform, including Mirae Asset and Susquehanna Venture Capital, AppsForBharat is poised for significant growth. Keep reading to explore the intricacies of AppsForBharat's fundraising journey and the investors supporting this innovative platform.
What Is AppsForBharat?
AppsForBharat, founded in 2020, is a Bangalore-based product studio focused on creating apps for the spiritual and devotional needs of Indian users. The company was established by Prashant Sachan and has grown to employ between 101-250 people. Their flagship app, Sri Mandir, launched in November 2020, offers a range of services from online puja bookings to devotional music access.
How Much Funding Has AppsForBharat Raised?
- Seed Round
- Amount Raised: $200K
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and initial market entry.
- Seed Round
- Amount Raised: $4M
- Date: May 2021
- Lead Investors: BEENEXT, Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and initial market entry.
- Series A
- Amount Raised: $10M
- Date: September 2021
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development of the Sri Mandir app.
- Secondary Market
- Amount Raised: $9.5M
- Date: April 2022
- Lead Investors: Mirae Asset, MSA Novo
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide liquidity to early investors and employees.
- Series B
- Amount Raised: $18M
- Date: September 2024
- Lead Investors: Fundamentum
- Valuation at Round: Estimated between $90-100 million
- Motivation Behind the Round: To expand the Sri Mandir app, build a technology stack for temples, add five new regional languages, and scale operations in India and global markets such as the US, UK, and Canada.
Total Amount Raised: $41.7M. Current Valuation: Estimated between $90-100 million.
Key Investors
- Fundamentum
- Details: Co-founded by Nandan Nilekani, Fundamentum is a growth-stage investment firm. Ashish Kumar, Co-founder & General Partner, will join the board of AppsForBharat.
- Investment Focus Areas: Technology-driven companies, long-term growth, scalable digital transformation opportunities.
- Notable Investments: PharmEasy, Spinny.
- Susquehanna Asia VC
- Details: A venture capital firm focusing on early and growth-stage investments in Asia. Known for investing in high-growth companies in the Asian market.
- Investment Focus Areas: Technology, consumer, healthcare sectors.
- Notable Investments: Byju's, Swiggy.
- Elevation Capital
- Details: A venture capital firm that invests in early-stage startups. Has a portfolio that includes several successful startups in India.
- Investment Focus Areas: Consumer internet, SaaS, financial services.
- Notable Investments: Paytm, Swiggy, UrbanClap.
- Peak XV
- Details: Formerly known as Sequoia Capital India, Peak XV is a venture capital firm. Has a strong track record of investing in high-growth startups in India and Southeast Asia.
- Investment Focus Areas: Technology, consumer, healthcare sectors.
- Notable Investments: OYO, Ola, Zomato.
- Mirae Asset VC
- Details: The venture capital arm of Mirae Asset Financial Group. Invests in innovative startups with high growth potential.
- Investment Focus Areas: Technology, consumer, healthcare sectors.
- Notable Investments: BigBasket, Shadowfax.
What's Next for AppsForBharat?
AppsForBharat is poised to seize a massive opportunity in the $50 billion devotional sector. With plans to expand the Sri Mandir app, onboard new temples, and introduce services like spiritual tourism and special Darshan tickets, the company aims to cater to the spiritual needs of millions. The potential for growth is immense, with the app already boasting over 30 million downloads and facilitating millions of pujas.
Future fundraising seems likely as the company scales operations in India and internationally, targeting markets like the US, UK, and Canada. The digital transformation of the devotional sector presents a fertile ground for additional investment rounds to support these ambitious plans.
However, challenges such as scaling technology infrastructure, managing operations across multiple regions, and ensuring seamless service delivery could pose hurdles. Navigating these complexities will be crucial for AppsForBharat as it strives to become a comprehensive digital platform for the devotional journey.
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