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Fundamentum leads Series B funding in Sri Mandir-owner AppsForBharat

VCCircle

VCCircle · 10m ago

Fundamentum leads Series B funding in Sri Mandir-owner AppsForBharat

AppsForBharat, the owner of the Sri Mandir app, has raised Series B funding led by Fundamentum. The funds will be used to expand the app's operations in India and internationally, onboard new temples, launch new services, and develop a comprehensive tech stack for the devotional ecosystem. Since its launch in 2021, the Sri Mandir app has gained over 30 million downloads and facilitated more than 5 lakh devotees in performing pujas and offerings at temples. AppsForBharat aims to introduce spiritual tourism, special darshan tickets, and seamless delivery of prasad and devotional goods in the future.

Related News

Sri Mandir Parent AppsForBharat Bags INR 175 Cr

Inc42 · 1m ago

Sri Mandir Parent AppsForBharat Bags INR 175 Cr

AppsForBharat, the creator of the spiritual app Sri Mandir, has secured INR 175 crore in a Series C funding round led by Susquehanna Asia VC, with support from existing investors like Fundamentum, Elevation Capital, and Peak XV Partners. Launched in 2020, Sri Mandir has over 4 crore downloads and facilitates online pooja bookings and offerings. The funds will be used to expand to over 20 temple towns and enhance its commerce capabilities and AI innovations.

AppsForBharat raises ₹175 crore in funding round led by Susquehanna Asia Venture

Livemint

Livemint · 1m ago

AppsForBharat raises ₹175 crore in funding round led by Susquehanna Asia Venture

AppsForBharat, a Bengaluru-based startup running the devotional app Sri Mandir, raised ₹175 crore in a Series C funding round led by Susquehanna Asia Venture Capital. The funding round nearly doubled the company's valuation to $175 million since September 2024. AppsForBharat facilitated 52 lakh online pujas at over 70 temples and achieved a revenue rate of ₹100 crore in FY25. Existing investors include Nandan Nilekani’s Fundamentum, Elevation Capital, and Peak XV Partners.

AppsForBharat raises $18 million funding led by Fundamentum

Economic Times

Economic Times · 10m ago

AppsForBharat raises $18 million funding led by Fundamentum

AppsForBharat, the parent company of devotion platform Sri Mandir, has raised $18 million in funding led by Fundamentum. The funds will be utilized to expand operations in India and internationally, add more temples to the platform, launch new services, and develop a comprehensive tech stack for the devotion ecosystem. Sri Mandir offers a virtual platform for devotees to perform pujas, connect with prayer groups, and access devotional content. They aim to increase their user base and revenue, expand language support, and strengthen their presence in India and key international markets.

AppsForBharat Nets $18 Mn To Boost Operations Of Its Spiritual App Sri Mandir, Eyes Offline Expansion

Inc42 · 10m ago

AppsForBharat Nets $18 Mn To Boost Operations Of Its Spiritual App Sri Mandir, Eyes Offline Expansion

AppsForBharat has raised funds to expand its Sri Mandir app, which aims to provide services for the devotional ecosystem. The funds will be used to scale up operations, onboard new temples, launch additional services, and build a comprehensive tech stack. The Sri Mandir app achieved contribution margin positivity in February 2024 and the founder expects it to become profitable within the next 18-24 months. Additionally, there are plans to expand Sri Mandir into offline channels within the next six months.

AppsForBharat announces first ESOP buyback worth Rs 2.1 Cr

YourStory

YourStory · 8m ago

AppsForBharat announces first ESOP buyback worth Rs 2.1 Cr

Devotional platform Sri Mandir's parent company, AppsForBharat, has announced its first Employee Stock Option Plan (ESOP) buyback worth Rs 2.1 crore. The buyback will allow 25 employees to cash out a portion of their vested stock options. The initiative, facilitated through a partnership with Infinyte Club, aims to reward and acknowledge the contributions of long-term team members. AppsForBharat recently raised $18 million in Series B funding for the expansion of Sri Mandir's operations and the development of new temples and services.

Sri Mandir keeps investors hooked as digital devotion grows | TechCrunch

TechCrunch · 1m ago

Sri Mandir keeps investors hooked as digital devotion grows | TechCrunch

AppsForBharat, creator of the Hindu devotional app Sri Mandir, has raised $20 million, marking strong investor interest. Founded in 2020, the app allows devotees to perform online prayers and make virtual offerings to over 70 temples, achieving 40 million downloads. With a user base of 3.5 million monthly active users, including significant diaspora participation, the app is expanding both digitally and physically across India. AppsForBharat aims for profitability and a potential public listing by 2027-28.

Exclusive: Info Edge in talks to lead $2.5 Mn round in Ghar Mandir

Entrackr

Entrackr · 1d ago

Exclusive: Info Edge in talks to lead $2.5 Mn round in Ghar Mandir

Exclusive: Info Edge in talks to lead $2.5 Mn round in Ghar Mandir Ghar Mandir, a digital devotional platform, is in late-stage talks to raise $2.5 million in its maiden funding round led by Info Edge, according to people familiar with the matter. The latest capital infusion is expected to help Ghar Mandir accelerate its product development and expand its reach, as competition intensifies within India’s burgeoning faith-tech sector. “Info Edge is expected to issue a term sheet as due diligence enters its final stage,” said one of the persons requesting anonymity. The round will mark Info Edge’s first lead investment in the temple-tech or devotion tech space this year. Ghar Mandir, founded by Samya Mittal and Apurva Shah in August 2023, lets users book temple offerings and devotional services online. Partnering with over 50 temples and priests, it delivers prasad, conducts rituals starting at Rs 101, and shares video recordings. The bootstrapped platform claims to have served over one lakh users to date. According to sources, the deal is expected to close in a few weeks, with Ghar Mandir targeting a valuation of $10–15 million, if all goes as planned. Queries sent to Ghar Mandir and Info Edge did not elicit an immediate response. The move comes on the heels of competitor AppsForBharat, parent of Sri Mandir, raising $20 million in a Series C round led by Susquehanna Asia Venture Capital last month. DevDham, Vama, Utsav App, Sutradhar, and 27 Mantra are also competing in the same space. According to a formal complaint against Ghar Mandir and others reviewed by Entrackr, the apps came under scrutiny following a spate of cyber frauds. A notice from the Ahmednagar Cyber Police warned about fake websites offering VIP passes for the Shirdi Sai Baba temple. The complaint added that fraudsters are deceiving people by collecting money and personal details through these sites.

Nandan Nilekani’s Fundamentum leads $20-mn Series B in Stable Money

VCCircle

VCCircle · 2m ago

Nandan Nilekani’s Fundamentum leads $20-mn Series B in Stable Money

Wealthtech platform Stable Money has raised $20 million in a Series B funding round led by Nandan Nilekani’s Fundamentum Partnership, with participation from existing investors Z47, RTP Global, and Lightspeed, plus Aditya Birla Ventures. This comes 10 months after a $15 million Series A round. Stable Money, founded in 2022, plans to expand its wealth product offerings and partner network while focusing on underserved investors in tier II and III cities.

Flexiloans snags $35 mn in Series C round from three new backers

VCCircle

VCCircle · 10m ago

Flexiloans snags $35 mn in Series C round from three new backers

Mumbai-based lending startup Flexiloans has raised INR 290 crore ($34.5 million) in a Series C funding round from investors including global impact investors Accion and Nuveen and Nandan Nilekani's Fundamentum. The funds will be used to scale the company's operations and increase its assets under management (AUM) to INR 3,500-4,000 crore. Flexiloans provides loans to micro, medium, and small enterprises using alternative data sources for risk assessment. The latest funding round comes two years after the company's Series B funding, which raised $30 million.

ProcMart Bags $30 Mn To Boost Supply Chain Integration For Businesses

Inc42 · 1y ago

ProcMart Bags $30 Mn To Boost Supply Chain Integration For Businesses

Noida-based B2B procurement marketplace ProcMart has raised $30 million in a Series B funding round led by Fundamentum Partnership and Edelweiss Discovery Fund. The company plans to use the capital to explore strategic acquisitions, expand its distribution network, strengthen international operations, and enter new industries. ProcMart connects stakeholders in the supply chain, offering comprehensive solutions for indirect sourcing requirements. The startup currently operates in 20 cities in India and in Malaysia and Indonesia. ProcMart had previously raised $10 million in a Series A funding round.

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