(MENAFN- KNN India)
New Delhi, Sep 10 (KNN) AppsForBharat, the parent company of the digital devotion platform Sri Mandir, has successfully raised USD 18 million in a Series B funding round.
The investment was spearheaded by Fundamentum, with Susquehanna Asia joining as a new investor.
Existing backers Elevation Capital, Peak XV, and Mirae Asset VC also participated in this round.
The company plans to allocate the fresh capital towards scaling Sri Mandir's operations both domestically and internationally.
Key focus areas include onboarding additional temples, introducing new services, and developing a comprehensive digital technology platform to address various aspects of the devotional journey.
Founded in November 2020 by Prashant Sachan, an IIT Bombay alumnus and serial entrepreneur, Sri Mandir has rapidly gained traction in the digital devotional space.
The app currently facilitates online access to over 50 temples across India, enabling users to participate in religious ceremonies and make virtual offerings.
Since its launch in 2021, Sri Mandir reports having achieved over 30 million app downloads. In the past year alone, the platform claims to have facilitated more than 2.7 million pujas and offerings from over 500,000 devotees at various Indian temples.
Prashant Sachan, Founder and CEO, AppsForBharat, outlined the company's future plans: "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."
The company has set ambitious goals for the coming year, including expanding its language offerings to include five additional regional languages beyond the current English and Hindi options.
AppsForBharat also intends to increase its temple network tenfold, from 50 to 500, while simultaneously scaling its international operations in key markets such as the United States, United Kingdom, and Canada.
This latest funding round underscores the continued growth and popularity of spiritual and astrology applications in the post-pandemic landscape.
Other players in this sector, including Astrotalk, Vama, DevDham, and Utsav, have also secured significant venture capital investments recently.
Ashish Kumar from Fundamentum, the lead investor in this round, highlighted the significant market opportunity, stating that India's devotional sector is valued at USD 50 billion and presents substantial potential for digital transformation.
Kumar noted that AppsForBharat's comprehensive digital experience for devotees and its widespread adoption across different age groups indicate strong potential for long-term scalability in India and emerging global markets.
As the digital devotional sector continues to evolve, AppsForBharat's recent funding success positions the company to play a significant role in shaping the future of religious practices in the digital age.
(KNN Bureau)
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