AppsForBharat is the parent company of a devotional app Sri Mandir that allows users to book temples for pooja. The startup secured $18 million in its series B funding round from Nandan Nilekani’s Fundamentum. The funding round saw participation from new and existing investors including Susquehanna Asia VC, Peak XV, Mirae Asset VC, and Elevation Capital. The startup plans to use these fresh proceeds to expand the application, enhance its platform, improve its performance capabilities, and expand in the market while adding five new regional languages.

The company aims to spread its services in the global market including the parts of Canada, the UK, and the US. The company also plans to add new features and enhance its customer experience using this investment. The startup mentioned in a regulatory filing that Fundamentum led the round with a Rs 73.5 crore investment. The Elevation Capital invested Rs 19.3 crore in the firm and the Rs 13.8 crore investment was made by Peak XV partners. The remaining investment came from Sai Global India, Mirae Asset, and WEH ventures. This investment shows investor’s trust in the company’s market potential and business model.

The startup provides an online platform that uses various technologies to offer its customers a library full of spiritual scripture, text, and videos. The application also has an option to consult priests and astrologers. The company develops mobile applications and a website for devotional and spiritual guidance. The Sri Mandir app was launched as a combination of gaming and spiritual offerings. AppsForBharat has raised around $32 million across multiple funding rounds since its inception, including $10 million from elevation capital and others during its series A funding round.

The platform uses advanced technologies to make devotional content easily accessible to the users. The startup claims to have reported over 30 million app downloads since its launch in 2021. After this round, Elevation Capital holds 12.78 percent shares in the firm, followed by Peak XV with 10.54 percent and Fundamentum holds 10 percent in Appsforbharat. The development came just after the Indian religious and spiritual market reached a valuation of $30 billion. The astrology sector is expected to grow at a CAGR of 10 and cross $150 billion in the next six to eight years. The startup faces competition from other platforms such as 27Manta, DevDham, and others.

Conclusion:

AppsForBharat is a devotional platform offering startup based in Bengaluru that secured 18 million US in its series B funding round from Fundamentum with the participation of other investors including Peak XV, Susquehanna Asia VC, Elevation Capital, and Mirae Asset VC. The company intends to use this fresh capital to enhance its platform, scale its operations, and expand its services to the global market. The startup aims to add five new regional languages and develop its market presence. The company provides a platform to book poojas in the temple and find spiritual texts, scripture, and videos. The company posted that around 500,000 devotees have completed offerings at temples and completed 2.7 million pujas across India through its application in the past year.