SriMandir's Parent firm AppsForBharat all set to sign funding deal with investors
The parent organization of devotional app SriMandir, AppsForBharat has been in deep conversation to raise a new fund in a new funding round from the new and existing investors, according to the sources.
One of the sources has unveiled that, AppsForBharat is in late stage discussion with three new investors to fetch an amount of $15-20 million fund. The sources also revealed that, an Indian growth stage fund and a Singapore-based investor will be leading the round.
It was extracted from the market that, the Bengaluru-based growth stage fund has already backed few notable companies like Spinny, Pharmeasy, FarEye and Probo.
This Bengaluru based startup has extracted $10 million Series A in September 2021. It secured $4 million in its Seed round funding in August. According to market report, AppsForBharat is seeking to widen up its valuation close to $100 million.
According to the sources, existing investors will also join the new funding round in which renowned investor firms Peak XV and Elevation will also grace the round with their presence on a pro-rata basis. The elevating edges of the deal will be chalked out and the deal will take place later this month.
The flagship application of AppsForBharat, SriMandir will assist the devotees by creating their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures and videos. Through this users can contact the astrologers and priests and take consultation from them. The company claimed that, they had over 10 million downloads from it since inception.
AppsForBharat has very few notable investors which includes Peak XV, BEENEXT, Matrix Partners and angels such as Scott Schleifer, Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh, Utsav Somani, Vidit Aatrey and Sanjeev Barnwal, Kunal Shah and Sai Srinivas.
According to the report of startup data intelligence platform TheKredible, AppsForBharat has recorded Rs 3.53 crore revenue and also faced a loss of Rs 45 crore in FY23. This year the company is very much hopeful about their financial report of FY24.
According to the report, ahead of Ram Mandir reopening, the demand of such devotional app has been increasing. Report says, In recent fiscal year the spiritual tech apps like Ustav App and DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period.
