On Thursday, AppsForBharat announced that it has raised $10 million in a Series A financing event led by Elevation Capital. Existing investors including Sequoia Capital India, BEENEXT, and Matrix Partners India.
AppsForBharat’s Funding Details
India is considered the spirituality hub worldwide. AppsForBharat is providing a digital platform for Indian users who are interested in online spiritual and devotional needs. To strengthen its operations further, the startup has closer Series A funding event of $10 million from existing as well as new investors. In the concluded funding round led by Elevation Capital, other investors including Sequoia Capital India, BEENEXT, and Matrix Partners India also actively participated.
Series A round also recorded active participation from noted angel investors including Scott Schleifer (partner, Tiger Global), Saurabh Gupta (managing partner, DST Global), Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh (co-founders, ShareChat), Utsav Somani (partner, iSeed), Anshuman Rudra (group PM, Google), Vidit Aatrey and Sanjeev Barnwal (co-founders, Meesho), Kunal Shah (founder, CRED) and Sai Srinivas (MPL).
In its official statement, AppsForBharat also revealed that it will utilize the current funding in creating content Intellectual Properties(IPs), developing new platforms, hiring technical teams, data and engineering verticals.
This is the second funding round closed by the firm within four months. Earlier, AppsForBharat collected $4 million in seed round co-led by Sequoia Capital India and BEENEXT. As per the Entrackr report, WEH Ventures also participated in this round.
About AppsForBharat Growth
Prashant Sachan started AppsForBharat in the last quarter of 2020. The startup is known for developing mobile apps related to the country’s many underserved and often overlooked spiritual as well as devotional needs. This is Sachan’s second startup. Earlier, he co-founded lifestyle-centric short video app Trell. He left Trell in March 2021.
AppsForBharat launched SriMandir as its first digital product which allows users to connect with prayer groups, access devotional content. SriMandir also allows users to create their personalized shrines. The users can also do personalized discussions with priests and astrologers if required. The app has recorded over 1.3 million installs on Play Store to date, as per Sensor Tower data.
Though there is no direct competitor of AppsForBharat, startups like Sutradhar, MyMandir, 27 Mantra are active players in the religious and devotional sector.
According to Expert Market Research data, the religion and spirituality sector in India was worth $44 billion in 2020 and will grow with a compound annual growth rate(CAGR) of 10%.