AppsForBharat has previously raised $14 million from VC funds and angel investors including Tiger  Global. The startup is planning to raise another $19 million in a funding round led by Fundamentum  Partnership, a firm run by Nandan Nilekani. Moneycontrol reported that the round can have  participation from the firm’s existing investors. 

The startup is backed by Elevation Capital, Peak XV partners, and Matrix Partners India, among others. AppsForBharat is the parent company of a devotional app Sri Mandir. The Sri Mandir app allows users  to book poojas at the temple and offers a library full of spiritual text, scripture, and videos. The app  has a feature to consult priests and astrologers. Last year, the Indian religious and spiritual market had  a valuation of $30 billion. The astrology sector is expected to grow at a CAGR of 10 and reach over $150 billion by 2032. fund. This startup is planning to expand its market and customer base while  building its brand presence across the country.  

Image source: Linkedin 

Startups with Faith-based economy, especially around temple ecosystem are in demand. This Bengaluru-based startup is also securing $3 million in debt, taking total funding amount to around $22  million. The round will make this startup value at around $80-90 million. The value may vary due to  ongoing deals and rounds. The company will use these fresh proceeds to expand its customer base by  offering various services. AppsForBharat is a product studio focused on building mobile and web  applications for the spiritual and devotional guidance of Indian users. The startup aims to become the  most trusted devotional app in India.  

The startup previously secured $10 million in Series A round and $4 million in seed funding round. The  company claims to have more than 10 million downloads since its inception. AppsForBharat reported  Rs 3.53 crore in revenue with 45 crore loss in FY23 and is expected to grow in FY24. The startup  competes with DevDham, Sutradhar, 27 Mantra, and Utsav App, among others. 

Conclusion: 

AppsForBharat, a parent company of Sri Mandir is raising $19 million fund in a round led by Nandan  Nilekani’s Fundamentum Partnership. This Bengaluru-based startup is also securing $3 million in debt,  taking total funding amount to around $22 million. The round will make this startup value at around  $80-90 million. The funding round is expected to have participation from the firm’s existing investors including Elevation Capital, Peak XV partners, and Matrix Partners India, among others. The app has a  feature to consult priests and astrologers. AppsForBharat is a product studio focused on building  mobile and web applications for the spiritual and devotional guidance of Indian users. The company  will use these fresh proceeds to expand its customer base by offering various services. AppsForBharat  give competition to DevDham, Sutradhar, 27 Mantra, and Utsav App, among others. The astrology  sector is expected to grow in upcoming years. The worth of this startup may vary due to ongoing deals  and rounds.