Product Studio Focused: AppsForBharat to raise $30 Mn in Series B round
- ByStartupStory | April 5, 2022
A product studio focused on building apps for the spiritual and devotional needs of Indian users, AppsForBharat, is in advanced stages to raise a new round from new and existing investors.
For the Bengaluru-based startup in a matter of 10 months, this will be the third investment round. Previously, in September it had scooped up $10 million Series A and in August last year about $4 million in Seed round.
A range of mobile apps that offer superior user experience and caters to the country’s many underserved and often overlooked spiritual as well as devotional needs is currently been developed by AppsForBharat.
AppsForBharat was founded by Prashant Sachan in November 2020, he was the co-founder of Trell, the lifestyle centric short video app until March 2021.
In terms of downloads, AppsForBharat’s maiden product SriMandir has attracted significant growth. It has recorded 3.6 million downloads since its inception, according to Sensor Tower’s data. During September last year, this was around 1.3 million.
SriMandir allows users to create their personalised shrines, connect with prayer groups, consume devotional content, and access a large library of spiritual texts, videos and scriptures. In personalised discourses and consult with astrologers and priests, the users can also participate in it.
To comment on the story, AppsForBharat declined. Queries sent to Sequoia, BEENEXT, Elevation Capital, and Matrix Partners did not elicit an immediate response.
AppsForBharat has been building something similar to US-based Hallow and UK-based Glorify, in the online devotional and religious domain. Hallow is a Catholic prayer and meditation app and along with audio bible passages and Christian music, Glorify offers guided meditation to the users. In November last year, Hallow raised $40 million in Series B funding whereas in Series A led by Andreessen Horowitz in December, Glorify raised $40 million.
Apart from institutional investors, AppsForBharat has a long list of angel investors including Scott Schleifer (partner, Tiger Global), Ankush Sachdeva, Farid Ahsan and Bhanu Pratap Singh (co-founders, ShareChat), Saurabh Gupta (managing partner, DST Global), Vidit Aatrey Utsav Somani (partner, iSeed), Anshumani Ruddra (group PM, Google), and Kunal Shah (founder, CRED), Sanjeev Barnwal (co-founders, Meesho), and Sai Srinivas (MPL).
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