AppsForBharat raises $20 million in round led by Susquehanna Asia Venture Capital

| Posted on |

Here’s a detailed list based on the information provided:

Company and Startup Details

  • Startup Name: AppsForBharat
  • Parent Company: AppsForBharat
  • Platform: Sri Mandir
  • Founded By: Prashant Sachan (IIT Bombay alumni)
  • Founded In: November 2020
  • Location: Bengaluru, India

Funding Information

  • Latest Fundraise Amount: $20 million
  • Funding Round: Series Unknown (not specified)
  • Funding Date: Recent (exact date not specified)
  • Lead Investor: Susquehanna Asia Venture Capital
  • Other Investors:
    • Fundamentum (Nandan Nilekani)
    • Elevation Capital
    • Peak XV Partners

Use of Funds

  • Investment in over 20 temple towns in India
  • Strengthening services and commerce verticals
  • Setting up fulfillment and logistics hubs
  • Enhancing AI-led experiences for users

Previous Fundraising

  • Previous Amount Raised: $18 million
  • Previous Funding Date: September of the previous year (exact date not specified)

Key Statistics

  • Monthly Active Users: Approximately 3 million
  • Online Pujas Performed: 52 lakh by 12 lakh devotees across over 70 temples
  • Current Warehouses: 8 towns (planning to set up 20 logistics hubs by year’s end)

Strategic Goals

  • Investing in physical infrastructure near temple towns for improved online service efficiency
  • Expanding internationally with a focus on markets with significant NRI presence (e.g., US, UK, Australia, Canada, New Zealand, UAE)

Industry Context

  • The startup operates within a burgeoning sector of devotional platforms with notable growth and investor interest, capitalizing on religious events for user engagement.

Feel free to ask if you need more details on any section!

Source link

2032-08-25 04:38:21