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AppsForBharat raises $ 10mn in Series A led by Elevation Capital - Start Up Gazzete
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AppsForBharat raises $ 10mn in Series A led by Elevation Capital

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APPSForBharat, a company focused on building apps to serve the spiritual and devotional needs of Indian users, has raised $ 10 million as part of its Series A funding round led by Elevation Capital, with participation from existing investors Sequoia Capital. India, BEENEXT and Matrix Partners India.

The round also saw lead angels participate as part of the round, including Scott Schleifer of Tiger Global; Saurabh Gupta, from DST Global; ShareChat founders Ankush Sachdeva, Farid Ahsan and Bhanu Pratap and Utsav Somani of iSeed.

The company will use the proceeds from the current round to create content IP, build the product and hire talent in the data and engineering verticals. He plans to scale his team from 25 members to 60 by March 2022.

The current financing comes just four months after the company has secured $ 4 million in seed funding from Sequoia Capital India, BEENEXT and WEH Ventures.

Founded last year, AppsForBharat is a product studio that aims to reimagine and digitize the experience of engaging in spirituality and devotion. The platform is focusing on taking offline the behaviors of: praying daily, planning events using almanacs and reading scriptures, mantras and horoscopes completely online, while creating a digital habit.

In the future, it will launch multiple apps that address different religions and beliefs in India.

“We realized that hope and spirituality are fundamental elements for the country. Currently, the platform is working to create sustainable user behavior and induce trust among users,” said Prashant Sachan, founder of AppsForBharat, who had previously co-founded the community-based trading platform Trell.

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AppsForBharat’s first product, SriMandir, aims to be the virtual destination for devotees to create their personalized shrines, consume devotional content, connect with prayer groups, and access a large library of spiritual texts, scriptures, and videos.

For deeper engagement, users can participate in personalized pravachan (speeches) and virtual satsang, make offerings to temples, and even consult with astrologers and priests.

Within 10 months of launch, Sri Mandir has logged more than a million installs and has half a million monthly active users, the company said.

It is also looking to launch community rooms for people to discuss spirituality and faith. The company will focus on monetization flows on the platform, in the next three quarters.

In the next three years, AppsForBharat aims to reach about 50-100 million users.

“Spirituality is a deeply ingrained part of India and the way people connect about it is still largely an offline experience. Even in apps like Sharechat, spirituality is the top category. We realized that that many people are looking for spirituality platforms online and there is no single product that meets this need, “said Mayank Khanduja, partner at Elevation Capital.

Elevation Capital has already signed 23 term sheets in 2021 alone and will continue to support startups in segments including enterprise software, content, gaming healthcare, and edtech.

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Joshua Smith
https://startupgazzete.com

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