News Update

Stake in AppsForBharat to Mirae Asset, MSA Novo will be sold by Social commerce startup Trell

• ByStartupStory     |    April 5, 2022

Trell, the beleaguered social commerce startup has sold a nearly 10 percent stake in AppsForBharat, Bengaluru-based product studio company in a secondary transaction. 

While Singapore-headquartered MSA Novo — a multi-stage global technology fund — also purchased Trell’s shares in the company, Seoul, South Korea-based venture capital firm Mirae Asset Venture Investment, also an investor in Trell, bought shares worth $8 million in AppsForBharat. 

In the likes of crypto investment app Flint and fintech startup Jar, MSA Novo is also an investor.

Apps catering to the spiritual and devotional needs of Indian users has been build by AppsForBharat. In a Series A funding round led by Elevation Capital in September 2021, it had raised $10 million. Earlier, from Sequoia and BEENEXT in August 2021, the startup had raised $4 million. 

Trell invested in AppsForBharat in its seed round in March 2021. Recently, for its recent round of funding fell through, the social commerce startup was in the news for employee lay-offs as talks. In its last round of funding led by Amazon the startup was valued at nearly $800 million.

AppsForBharat was founded in 2020 by former co-founder of Trell Prashant Sachan. AppsForBharat offers a range of mobile apps across spiritual, communities, devotional, well-being and meditation-related tools, and services. SriMandir, the startup’s first product, helps devotees in order to create their personalised shrines and connect with prayer groups, among other services.

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