AppsForBharat Secures $17.8 Million in Series B Funding
Bengaluru-based startup AppsForBharat, the parent company of the devotional app Sri Mandir, has secured $17.8 million in its Series B funding round led by Fundamentum. The round also saw participation from Susquehanna Asia VC, as well as existing investors Elevation Capital, Peak XV, and Mirae Asset VC.
The funds will be used 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. This latest round brings the company’s total funding to $32 million, including $10 million in Series A funding in September 2021 and $4 million in a Seed round in August 2021.
According to data from the company’s regulatory filings, Fundamentum pumped in Rs 73.5 crore ($8.8 million) while Elevation and Peak XV invested Rs 19.3 crore ($6.4 million) or Rs 13.8 crore ($1.65 million) respectively. Mirae Asset, WEH Ventures, and Sai Global India cumulatively invested the rest of the amount.
As per TheKredible estimates, AppsForBharat will be valued between $90-100 million post-allotment. Following the fresh proceeds, Fundamentum will hold 10% in AppsForBharat while Elevation and Peak XV will command 12.78% and 10.54% respectively.
Founded by Prashant Sachan, the Sri Mandir app gives users access to over 50 temples, allowing them to join pujas, make offerings, and view devotional content from home. The app also offers consultations with astrologers and priests. Since its launch in 2021, Sri Mandir has garnered over 30 million app downloads. According to the company, over 500,000 devotees have completed 2.7 million pujas and offerings at temples across India through the Sri Mandir app in the past 12 months.
In an interview, Sachan stated that the firm aims to expand its offerings by introducing spiritual tourism, facilitating special darshan tickets, and providing delivery of Prasad and related devotional goods over the next five years.
The astrology and spiritual tech sector has managed to secure significant funding despite challenges.
