AppsForBharat raises $18 mn in series B funding from Nilekani’s Fundamentum
The funds will be used to scale the Sri Mandir app’s operations in India and internationally. | Photo: Shutterstock.com
AppsForBharat, the parent company of the devotion platform Sri Mandir, has raised $18 million in Series B funding led by Nandan Nilekani’s investment firm Fundamentum Partnership. 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 scale the Sri Mandir app’s operations in India and internationally, onboard new temples, launch new services, and build “a comprehensive tech stack for the devotional ecosystem.”
Founded in November 2020 by Prashant Sachan, AppsForBharat operates the devotion platform Sri Mandir, which enables users to participate in pujas, offer goods (Chadhava) as part of the rituals, and access a wealth of devotional content, all from the comfort of their homes.
The platform provides access to a comprehensive list of over 50 temples and has garnered over 30 million app downloads. In the past year, over 500,000 devotees have conducted 2.7 million pujas and offerings at temples across India through the Sri Mandir app.
“Over the next five years, we aim to expand our offerings by introducing spiritual tourism, facilitating special Darshan tickets, and providing seamless delivery of Prasad and related devotional goods. Our vision is to transform Sri Mandir into an end-to-end digital tech platform that caters to every aspect of the devotional journey,” said Prashant Sachan, founder and CEO of AppsForBharat.
In the next 12 months, the Sri Mandir app will be available to devotees in five new regional languages, grow its temple listing ten-fold across India, and develop a robust spiritual tourism ecosystem.
The company says its comprehensive tech stack will “integrate and enhance the experience of all stakeholders – temples (both large and small), service providers (pandits/purohits), and devotees.” The platform aims to deepen its roots in India and scale international operations in key markets such as the USA, UK, and Canada.
“India’s devotional sector, valued at $50 billion, presents a massive opportunity for digital transformation,” said Ashish Kumar, co-founder and General Partner at Fundamentum.
“With its widespread adoption among both young adults and older generations alike, we expect long-term scalability in India and global use cases emerging in the future,” he added.
First Published: Sep 10 2024 | 1:28 PM IST