AppsForBharat in Talks to Raise $15-20mn for SriMandir Expansion

AppsForBharat, the parent company of the devotional app SriMandir, is reportedly in advanced discussions to secure a new round of funding, according to Entrackr.

The Bengaluru-based startup is aiming to raise $15-20 million from new and existing investors.

“AppsForBharat is in late-stage discussions with three new investors,” said one source, who requested anonymity. “An Indian growth stage fund and a Singapore-based investor are competing to lead the round.” The Indian fund has previously backed prominent companies such as Spinny, Pharmeasy, FarEye, and Probo.

The company, which previously raised $10 million in a Series A round in September 2021 and $4 million in a Seed round in August, is now seeking a valuation of nearly $100 million. Existing investors, including Peak XV and Elevation, are expected to participate on a pro-rata basis. The details of the deal are still being finalized, with a conclusion anticipated later this month, another source noted.

SriMandir, the flagship product of AppsForBharat, allows users to create personalized shrines, consume devotional content, connect with prayer groups, and access a vast library of spiritual texts, scriptures, and videos. Additionally, users can consult with astrologers and priests through the platform. Since its launch in 2021, SriMandir has garnered over 10 million downloads.

AppsForBharat boasts a robust list of investors, including Peak XV, BEENEXT, Matrix Partners, and several angel investors such as Scott Schleifer, Ankush Sachdeva, Farid Ahsan, Bhanu Pratap Singh, Utsav Somani, Vidit Aatrey, Sanjeev Barnwal, Kunal Shah, and Sai Srinivas.

Financially, AppsForBharat reported Rs 3.53 crore in revenue with a Rs 45 crore loss in FY23, according to data from TheKredible. The firm is expected to show improved financial performance in the fiscal year 2024.

In the competitive landscape, AppsForBharat faces rivals such as DevDham, Utsav App, Sutradhar, and 27 Mantra. Data from TheKredible indicates that astro and spiritual tech startups have collectively raised around $25 million over the past 12 months. Besides Utsav App and DevDham, other notable players like InstaAstro, AstroTalk, Vama, and Melooha have also secured significant funding during this period.

With this new funding round, AppsForBharat aims to expand its offerings and enhance its position in the rapidly growing spiritual tech market.

Source: Entrackr

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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