AppsForBharat, an item studio zeroed in on building applications for the profound and reverential necessities of Indian clients, has gathered up $10 million in a Series A financing round drove by Elevation Capital with support from existing financial backers Sequoia Capital India, BEENEXT and Matrix Partners India.
Aside from that, various unmistakable private backers likewise took part in the financing round including any semblance of Scott Schleifer (accomplice, Tiger Global), Saurabh Gupta (managing accomplice, DST Global), Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh (prime supporters, ShareChat), Utsav Somani (accomplice, iSeed), Anshumani Ruddra (bunch PM, Google), Vidit Aatrey and Sanjeev Barnwal (fellow benefactors, Meesho), Kunal Shah (author, CRED) and Sai Srinivas (MPL).
In an explanation, the organization said it will utilize the new assets for making content IPs, constructing the item, and recruiting ability across item, information and designing verticals.
Prior to this, AppsForBharat had brought $4 million up in seed subsidizing co-drove by Sequoia Capital India and BEENEXT which likewise saw support from WEH Ventures. Entrackr had solely written about the round in May.
Established in November 2020 by Prashant Sachan, AppsForBharat is presently fostering a scope of portable applications that offer better client encounter and cater than the country’s many underserved and often neglected profound just as reverential necessities. Sachan was the prime supporter of the way of life driven short video application Trell until March 2021.
The organization’s first item, SriMandir, expects to permit clients to make their customized holy places, devour reverential content, associate with supplication gatherings, and access a huge library of profound texts, sacred writings and recordings. They can likewise partake in customized talks and talk with crystal gazers and ministers.
According to Sensor Tower information, SriMandir has earned over 1.3 million downloads on the Google Play Store.
While AppsForBharat has no immediate contenders, be that as it may, it rivals all huge players who are working in verticals like otherworldliness, commitment and Astro. Sutradhar, MyMandir, 27 Mantra among a couple of others are eminent players in the reverential and strict areas.
The ensuing financing adjusts in the organization show that investors are available to move open doors in the otherworldly and reverential space. The space is alluring for financial backers because of its huge crowd size and expanding cell phone infiltration.
As indicated by an Expert Market Research report, the religion and otherworldliness market in India was around worth $44 billion of every 2020 and is relied upon to develop with a CAGR of 10%.
Nonetheless, few out of every odd help in the space has been effective. While there were a few new companies that sprung up as of late to catch the chance through content and trade, many new businesses throughout the long term had attempted various models yet they didn’t scale and neglected to stand out for investors.
