Exclusive: SriMandir’s parent AppsForBharat in talks to raise $15-20 Mn

AppsForBharat, the parent company of devotional app SriMandir, is in talks to raise a new round from new and existing investors, according to three people aware of the development.

“AppsForBharat is in late-stage discussion with three new investors to raise $15-20 million,” said one of the sources requesting anonymity. “An Indian growth stage fund and a Singapore-based investor are in the race to lead the round.”

Sources outline that the Bengaluru-based growth stage fund has backed companies including Spinny, Pharmeasy, FarEye and Probo.

The Bengaluru-based startup had scooped up $10 million Series A in September 2021 and $4 million Seed round in August.

As per sources, AppsForBharat is seeking a valuation of close to $100 million.

“Existing investors including Peak XV and Elevation will also join the round on a pro-rata basis. The contours of the deal are being chalked out and the deal is likely to materialize later this month,” said another source who also wished not to be named as discussions are private.

Queries sent to AppsForBharat didn’t elicit any response.

AppsForBharat’s flagship product SriMandir allows users to create their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures and videos. Users can also consult with astrologers and priests.

It claims to have over 10 million downloads since its inception in 2021.

AppsForBharat’s long list of investors 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.

AppsForBharat registered Rs 3.53 crore in revenue with Rs 45 crore loss in FY23, according to startup data intelligence platform TheKredible. The firm is expected to post a better result in the last fiscal year (FY24).

It competes with DevDham, Utsav App, Sutradhar, and 27 Mantra.

As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. Besides Ustav App and DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period.