AppsForBharat, the parent company of the popular devotional app Sri Mandir, has successfully raised $18 million in its Series B funding round. The funding was spearheaded by Fundamentum, led by Nandan Nilekani, and also saw contributions from Susquehanna Asia VC, alongside existing investors Elevation Capital, Peak XV, and Mirae Asset VC.
The newly acquired capital will enable AppsForBharat to accelerate the growth of the Sri Mandir app. Key areas of focus include expanding the app’s features, developing a comprehensive technology stack for temples, adding five new regional languages, and scaling operations both within India and internationally in markets such as the US, UK, and Canada.
With this funding, the Bengaluru-based startup has now raised nearly $32 million in total. This includes $10 million from a Series A round in September 2021 and $4 million from a Seed round in August 2021. According to regulatory filings, Fundamentum contributed Rs 73.5 crore (approximately $8.8 million), Elevation Capital invested Rs 19.3 crore (about $6.4 million), and Peak XV contributed Rs 13.8 crore (around $1.65 million). The remaining amount was invested by Mirae Asset, WEH Ventures, and Sai Global India.
Post-funding, Fundamentum will hold a 10% stake in AppsForBharat, while Elevation Capital and Peak XV will hold 12.78% and 10.54% respectively.
Sri Mandir, founded by Prashant Sachan, offers users access to over 50 temples, enabling them to participate in pujas, make offerings, and view devotional content from home. Additionally, the app provides consultations with astrologers and priests. Since its inception in 2021, Sri Mandir has achieved over 30 million downloads, with more than 500,000 devotees completing 2.7 million pujas and offerings across India in the past year.
Looking ahead, Sachan has outlined ambitious plans to expand Sri Mandir’s offerings, including the introduction of spiritual tourism, facilitating special darshan tickets, and providing delivery of Prasad and other devotional goods over the next five years.
The spiritual and astrological tech sector has seen notable investment activity despite broader challenges. Recent data indicates that startups in this niche, such as AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha, have collectively raised nearly $60 million in the past 15 months. The sector has also seen some consolidation, with Melooha acquiring Munitalks and My Tirth India shutting down due to financial issues.
