Zomato-backed AdOnMo raises $25 Mn in new round

Zomato-backed adtech startup AdOnMo has raised $25 million (about Rs 209 crore) in a funding round led by Singapore-based venture capital (VC) firm Rigel Capital and Indonesia-based Sinar Mas.

Entrackr exclusively reported on AdOnMo's first tranche of this round in March.

Earlier in January 2022, the startup had raised $15 million in its Series B round from Zomato. The foodtech major had picked up about 19.8% in the Hyderabad-based startup. It has raised $43 million to date.

The proceeds will be used to expand its presence to 40 Indian cities from the current 24 and increase its number of displays, which deliver hyperlocal, data-driven advertising solutions to brands, to 1 Lakh from 50,000 currently.

Founded in 2017 by Sravanth and Sandeep Bommireddi, AdOnMo provides outdoor advertising solutions. The startup enables targeted, real-time advertisements on cloud-connected digital screens.

The startup provides features like dynamic creative optimisation, social media-driven ad triggers, and QR/ NFC-powered interactions. Using this, it claims that its out-of-home (OOH) advertising screens offer highly targeted campaigns that maximise audience engagement through precision targeting, measurable ROI, and seamless offline-online integration.