VAMA Secures $1.5 Mn for Expanding Virtual Astrology Services
- ByStartupStory | November 21, 2023
VAMA, a virtual spirituality startup, has secured $1.5 million in a top-up to its seed funding round. The investment was led by Wavemaker Partners and saw participation from Summit Media’s Lisa Gokongwei-Cheng and Tata Play’s Harit Nagpal, along with various micro venture capitalists and angel investors.
Founded in late 2020 by Aacharya Dev, Himanshu Semwal, and Manu Jain, VAMA has raised a total of $2.8 million in funding. The platform offers e-pujas, e-darshans, and astrology services, collaborating with over 250 temples and connecting more than 300 astrologers across India.
The fresh capital will be utilized to onboard talent, enhance product development, and bolster technological capabilities. VAMA aims to introduce new products and services to elevate user experiences and transform the traditional offline mandir ecosystem into a digital realm.
Manu Jain, one of VAMA’s co-founders, expressed the commitment to meeting the spiritual
needs of their growing user base. He emphasized, “This investment stands as a testament to our unwavering commitment to meeting the spiritual needs of our ever-growing user base. We aim to transform the traditional offline mandir ecosystem into a digital realm through content-driven products designed to captivate, empower, and promote enduring engagement.”
Phuong Tran, Investment Principal at Wavemaker Partners, praised VAMA’s innovative approach by stating, “VAMA’s ingenious approach has paved the way for an extraordinary venture that helps users address their spiritual needs.”
The spiritual market in India has seen substantial growth, reaching $54.1 billion in 2022, and is anticipated to reach $97.2 billion by 2028, with startups in this space expected to secure a significant portion of India’s expanding religious economy. The rise of spiritual tech startups has largely appealed to users aged 25-35, attributed to factors like the UPI revolution, affordable internet, and a prevailing app culture in India.
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