AppsForBharat, the parent company of devotional platform Sri Mandir, has raised $20 million in a funding round led by Susquehanna Asia Venture Capital.
The round also saw participation from other existing investors Nandan Nilekani’s Fundamentum, Elevation Capital and Peak XV Partners.
The funds will be used to invest in over 20 temple towns in India, strengthen services and commerce verticals, and set up fulfilment and logistics hubs.
“On the devotee side, we are further investing in the product to help it grow in multiple languages. We are also investing heavily in AI-led experiences, where users will be assisted in their devotional journeys and more,” founder and chief executive Prashant Sachan told ET in an interaction.
Founded in November 2020 by IIT Bombay alumni Prashant Sachan, Sri Mandir offers a virtual platform where devotees can perform pujas, connect with prayer groups, and access devotional content, including spiritual texts, scriptures, and videos.
In the last 12 months, 12 lakh devotees have performed 52 lakh online pujas and offerings at over 70 temples across India.
The startup plans to set up 20 logistics hubs by the end of this year. It currently operates warehouses in eight towns.
“The question for us is whether we can invest in physical infrastructure in or near that temple town, which would help us conduct our online services much more efficiently and enable temples to deliver offerings to devotees directly from that location. That is what the investment is all about,” Sachan said.
The Bengaluru-based firm had raised $18 million in September last year. Startups in this space have experienced rapid growth, attracting significant investments from venture capital (VC) firms in recent months. They have also been capitalising on various religious events to expand their user base and drive growth.
Other key players in this space include Vama.app, DevDham and Utsav.
According to Sachan, the company’s revenue has doubled over the past six months, without disclosing further details. It now has about three million monthly active users, he said.
The startup serves devotees in six international markets, with around 20% of its demand coming from the Indian diaspora residing in the US, UK, Australia, Canada, New Zealand, and the UAE.
Earlier, ET had reported that AppsForBharat plans to expand into regions with large NRI presence like Singapore, Malaysia, South Africa, and the richer neighbourhoods of Europe.
This comes at a time when devotional platforms are expanding their reach beyond India, targeting the affluent and culturally connected Indian diaspora to boost both sales and subscriber numbers.
On July 7 last year, ET reported that a post-pandemic surge in online engagement and a growing interest in spiritual practices in recent times have revived the fortunes of apps offering spiritual and devotional services.
Commenting on the investment, Sai Araveti, investment advisor, Susquehanna Asia VC, “Sri Mandir has demonstrated exceptional execution in building foundational infrastructure for digital devotional services, while simultaneously enabling temples to serve devotees across geographical boundaries better.”
Founded in November 2020 by IIT Bombay alumni Prashant Sachan, Sri Mandir offers a virtual platform where devotees can perform pujas, connect with prayer groups, and access devotional content, including spiritual texts, scriptures, and videos.
In the last 12 months, 12 lakh devotees have performed 52 lakh online pujas and offerings at over 70 temples across India.
The startup plans to set up 20 logistics hubs by the end of this year. It currently operates warehouses in eight towns.
“The question for us is whether we can invest in physical infrastructure in or near that temple town, which would help us conduct our online services much more efficiently and enable temples to deliver offerings to devotees directly from that location. That is what the investment is all about,” Sachan said.
The Bengaluru-based firm had raised $18 million in September last year. Startups in this space have experienced rapid growth, attracting significant investments from venture capital (VC) firms in recent months. They have also been capitalising on various religious events to expand their user base and drive growth.
Other key players in this space include Vama.app, DevDham and Utsav.
According to Sachan, the company’s revenue has doubled over the past six months, without disclosing further details. It now has about three million monthly active users, he said.
The startup serves devotees in six international markets, with around 20% of its demand coming from the Indian diaspora residing in the US, UK, Australia, Canada, New Zealand, and the UAE.
Earlier, ET had reported that AppsForBharat plans to expand into regions with large NRI presence like Singapore, Malaysia, South Africa, and the richer neighbourhoods of Europe.
This comes at a time when devotional platforms are expanding their reach beyond India, targeting the affluent and culturally connected Indian diaspora to boost both sales and subscriber numbers.
On July 7 last year, ET reported that a post-pandemic surge in online engagement and a growing interest in spiritual practices in recent times have revived the fortunes of apps offering spiritual and devotional services.
Commenting on the investment, Sai Araveti, investment advisor, Susquehanna Asia VC, “Sri Mandir has demonstrated exceptional execution in building foundational infrastructure for digital devotional services, while simultaneously enabling temples to serve devotees across geographical boundaries better.”
