Total amount raised
$41.7 Million
Latest funding date
09/01/2024
Location
AppsForBharat has successfully raised funding over six rounds, with the latest being a Series C round. The company is backed by 24 investors, including notable names like Fundamentum and Elevation Capital.
Keep reading to explore the intricacies of AppsForBharat's fundraising journey and the investors backing this devotional platform.
What Is AppsForBharat?
AppsForBharat, founded in 2021, is a devotional platform based in Bangalore, Karnataka, India. The company operates in the devotional and spiritual tech industry, providing spiritual resources and applications to millions of users.
With a workforce of 101-250 employees, AppsForBharat offers various services through its platform, Sri Mandir, including booking pujas, daily darshan, and accessing a library of spiritual content. The company has raised funding through multiple rounds, with the latest being a Series C round.
How Much Funding Has AppsForBharat Raised?
- Seed Round
- Amount Raised: USD 200,000
- Date: April 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial development and market entry.
- Seed Round
- Amount Raised: USD 4,000,000
- Date: May 2021
- Lead Investors: BEENEXT, Peak XV Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Early-stage development and scaling of the Sri Mandir app.
- Series A
- Amount Raised: USD 10,000,000
- Date: September 2021
- Lead Investors: Elevation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Support initial growth and development of the app and its features.
- Secondary Market
- Amount Raised: USD 9,000,000
- Date: April 2022
- Lead Investors: Mirae Asset
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Expand operations and enhance existing services.
- Series B
- Amount Raised: USD 18,000,000
- Date: September 2024
- Lead Investors: Fundamentum
- Valuation at Round: Estimated between USD 90-100 million
- Motivation Behind the Round: Expand the Sri Mandir app, build a technology stack for temples, add new regional languages, and scale operations in India and global markets.
- Series C
- Amount Raised: INR 1,750,000,000 (approx. USD 21,000,000)
- Date: July 2025
- Lead Investors: Susquehanna Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Further expansion and development of the platform.
Total Amount Raised: USD 62,200,000
Current Valuation: Estimated between USD 90-100 million
Key Investors
- Susquehanna Venture Capital
- Details: Susquehanna Venture Capital is a prominent venture capital firm that participated in the Series C funding round for AppsForBharat. They are known for their strategic investments in high-growth companies.
- Investment Focus Areas: Technology, digital services, high-growth startups
- Notable Investments: ByteDance, Paytm
- Fundamentum
- Details: Fundamentum, co-founded by Nandan Nilekani, led the Series B funding round for AppsForBharat. Ashish Kumar, Co-founder and General Partner, is joining the board of AppsForBharat.
- Investment Focus Areas: Digital transformation, scalable mid-stage startups, technology
- Notable Investments: ShopX, RailYatri, Pharmeasy
- Elevation Capital
- Details: Elevation Capital is a venture capital firm that has been an investor in AppsForBharat since the Series A round. They focus on early to growth-stage investments.
- Investment Focus Areas: Technology, consumer companies, early-stage startups
- Notable Investments: Paytm, Swiggy, UrbanClap
- Peak XV
- Details: Peak XV, formerly known as Sequoia Capital India, is a well-known venture capital firm that participated in the Series B funding round for AppsForBharat.
- Investment Focus Areas: Technology, consumer companies, high-growth startups
- Notable Investments: Byju's, OYO, Zomato
- Mirae Asset VC
- Details: Mirae Asset VC is the venture capital arm of Mirae Asset Financial Group, focusing on innovative and high-growth companies. They participated in the Series B funding round for AppsForBharat.
- Investment Focus Areas: Technology, consumer, financial services
- Notable Investments: BigBasket, Ola
What's Next for AppsForBharat?
AppsForBharat is poised to capitalize on the vast opportunities within the $50 billion Indian devotional sector. With plans to expand the Sri Mandir app, onboard new temples, and introduce spiritual tourism, the company aims to scale operations both domestically and internationally. The potential to capture a significant share of this market is immense, especially as digital transformation continues to reshape the industry.
Future fundraising opportunities seem likely as AppsForBharat continues to grow. The company’s ambitious plans to increase temple listings ten-fold and expand into new regional languages and international markets suggest that additional funding rounds will be necessary to support these initiatives. The ongoing digitalization of devotional practices presents a fertile ground for further investment.
However, AppsForBharat may face challenges such as competition from other spiritual tech startups and the complexities of scaling operations internationally. Ensuring the quality and authenticity of services while navigating regulatory and cultural sensitivities will be crucial. Despite these hurdles, the company’s strategic vision and robust growth plans position it well for future success.
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