Vama raises Rs 22 Cr in pre-Series A round led by Wavemaker Partners

Vama, a faith-tech startup offering virtual spiritual and religious services, has raised Rs 22 crore ($2.47 million) in a Pre-Series A round led by Wavemaker Partners, with participation from 500 Global, Sadev Ventures, Venture Catalysts, Silverneedle Ventures, and several angel investors. 

This marks 500 Global’s first investment in the company, while Wavemaker doubled down after backing Vama in 2023.

Entrackr exclusively reported the development last week.

The proceeds will be used to expand new categories, strengthen its e-commerce offerings, scale marketing, and prepare for international growth. Vama continues to operate with contribution margins above 10% and expects to reach EBITDA profitability as it doubles scale.

Founded in 2020 by Acharya Dev and Manu Jain, Vama combines tradition and technology by providing devotees access to temple services, astrology consultations, and authentic spiritual products through its platform. 

Its recently launched e-commerce vertical, Vama Mall, is seeing rapid growth, with plans now underway to expand into offline spiritual travel and services for the NRI market.

Vama claims to have doubled its revenues in FY24 to Rs 19.5 crore and is on track to double again in FY25. Temple services account for 70% of revenues, while astrology and Vama Mall contribute the rest. With over 150,000 transacting users, the platform expects to scale to 1 million users in the next two years, while also expanding its temple partnerships from 250 to 500.

It directly competes with AppsForBharat, which recently raised $20 million in a Series C round. Its other competitors include DevDham, Utsav App, Sutradhar, and Ghar Mandir, among others.