AppsForBharat, the innovative company behind the widely acclaimed devotional app Sri Mandir, has successfully raised $18 million in its Series B funding round. The funding round was led by Fundamentum, under the leadership of Nandan Nilekani, and saw notable participation from Susquehanna Asia VC. Existing investors, including Elevation Capital, Peak XV, and Mirae Asset VC, also contributed significantly to this latest investment round.
The newly secured capital will play a crucial role in propelling the growth and development of the Sri Mandir app. Key initiatives supported by this funding include the expansion of the app’s features, the creation of a robust technology stack for temples, the introduction of five new regional languages, and the scaling of operations both within India and internationally. Target markets for expansion include the United States, the United Kingdom, and Canada.
Since its inception in 2021, Sri Mandir has seen impressive growth, with over 30 million downloads to date. The app offers users the ability to access services from more than 50 temples, participate in pujas, make offerings, and view devotional content from the comfort of their homes. It also provides consultations with astrologers and priests. In the past year alone, more than 500,000 devotees have completed 2.7 million pujas and offerings across India through the app.
With this latest round of funding, Bengaluru-based AppsForBharat has raised a total of nearly $32 million. This includes $10 million from a Series A round in September 2021 and $4 million from an earlier Seed round in August 2021. According to regulatory filings, Fundamentum has contributed approximately Rs 73.5 crore (about $8.8 million), Elevation Capital invested Rs 19.3 crore (around $6.4 million), and Peak XV contributed Rs 13.8 crore (approximately $1.65 million). The remainder of the investment came from Mirae Asset, WEH Ventures, and Sai Global India.
Following this funding round, Fundamentum will hold a 10% stake in AppsForBharat, while Elevation Capital and Peak XV will own 12.78% and 10.54% stakes respectively.
Prashant Sachan, founder of Sri Mandir, has outlined ambitious plans for the app’s future. These include the introduction of spiritual tourism, facilitating special darshan tickets, and offering delivery of Prasad and other devotional goods within the next five years.
The broader spiritual and astrological tech sector has experienced significant investment activity recently. Despite some market challenges, startups in this niche, such as AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha, have collectively raised nearly $60 million over the past 15 months. The sector has also seen some consolidation, with Melooha acquiring Munitalks and the closure of My Tirth India due to financial difficulties.
As AppsForBharat prepares to leverage its new capital, the future looks promising for the Sri Mandir app, with plans for technological advancements and expanded services set to further enhance its offerings to a global audience.
