Sri Mandir Parent AppsForBharat Secures $18 Million in Series B Round Led by Nandan Nilekani’s Fundamentum

AppsForBharat, the company behind the popular devotional app Sri Mandir, has successfully raised $18 million in its Series B funding round. The investment was spearheaded by Nandan Nilekani’s Fundamentum, with additional support from Susquehanna Asia VC, as well as existing investors Elevation Capital, Peak XV, and Mirae Asset VC.

The fresh capital will be allocated to expanding the Sri Mandir app’s features, including the development of a technology stack for temples, the addition of five new regional languages, and scaling operations both within India and internationally, particularly in the US, UK, and Canada.

This new funding round follows the Bengaluru-based startup’s previous capital raises, which included $10 million in Series A funding in September 2021 and $4 million in Seed funding in August 2021. With this latest investment, AppsForBharat’s total funding now stands at nearly $32 million.

Regulatory filings indicate that Fundamentum contributed Rs 73.5 crore ($8.8 million), while Elevation Capital and Peak XV invested Rs 19.3 crore ($6.4 million) and Rs 13.8 crore ($1.65 million) respectively. Mirae Asset, WEH Ventures, and Sai Global India made up the remainder of the funding.

TheKredible estimates AppsForBharat’s valuation to be between $90-100 million following the new allotment. Post-investment, Fundamentum will hold a 10% stake in the company, while Elevation Capital and Peak XV will control 12.78% and 10.54% of the equity respectively.

Sri Mandir, launched in 2021 by Prashant Sachan, provides users access to over 50 temples, allowing them to participate in pujas, make offerings, and view devotional content from home. The app also offers consultations with astrologers and priests. Since its inception, Sri Mandir has amassed over 30 million downloads, and over the past year, 500,000 devotees have completed 2.7 million pujas and offerings.

Future plans for the app include expanding into spiritual tourism, offering special darshan tickets, and delivering Prasad and related devotional goods. Despite challenges in the sector, astro and spiritual tech startups like AppsForBharat have attracted significant investment, with companies like AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha collectively raising nearly $60 million over the past 15 months.