In today’s digital-first world, nearly every aspect of life has been transformed by technology. From shopping and banking to healthcare and entertainment, our lives are intertwined with digital platforms.
However, one area that has remained largely untouched by technology is spirituality—until recently.
AppsForBharat, founded in 2020, is a company that seeks to bridge this gap, bringing spirituality to the forefront of the digital space. Their flagship product, Sri Mandir, is a devotional app that allows users to connect with spiritual services in a way that’s both convenient and personal.
The app’s unique offerings include remote bookings for temple rituals (pujas), personalised video recordings of the rituals, home delivery of Prasad, and a vast library of spiritual content.
But as with any pioneering venture, the question arises: What is the true potential of digital spirituality, and can apps like Sri Mandir generate significant revenue?
In this blog, we’ll take a deep dive into AppsForBharat’s recent $18 million funding round led by Fundamentum, a venture fund co-founded by Nandan Nilekani, Sanjeev Agarwal, and Ashish Kumar.
We’ll explore their financial performance, growth trajectory, and what lies ahead for this innovative player in the faith-tech space.
Key Highlights:
- Series B Funding: AppsForBharat raised $18 million, led by Fundamentum, marking the venture fund’s first investment in the faith-tech space.
- Capital Raised: Since its inception, AppsForBharat has secured a total of ₹260 crores in funding across multiple rounds, including Seed and Series A.
- Valuation: During their Series A round in 2021, the company was valued at $41 million. The new funding will help scale operations and enhance market presence.
- Investor Perspective: Fundamentum sees massive potential in digitising spirituality, acknowledging the app’s ability to offer remote access to rituals and a wide range of devotional content.
Meeting a Growing Demand for Digital Spirituality
AppsForBharat launched its first product, Sri Mandir, to tap into the growing demand for accessible spiritual services. Users of the app can book remote pujas at more than 1,000 temples across India, ensuring that spiritual rituals remain within reach, even in the digital age.
Once the ritual is performed, users receive a personalised video of the puja, complete with their name mentioned by the priest, and the Prasad is delivered to their doorstep.
Beyond rituals, the app also offers a rich repository of spiritual texts, devotional music (bhajans), daily horoscopes, and updates on upcoming festivals, creating a comprehensive platform for spiritual engagement.
Sri Mandir has already built a loyal user base of over 5 lakh devotees, and the app has facilitated 27 lakh transactions in the past year alone—a clear indicator of the platform’s traction in a previously underserved market.
Financial Performance
According to the PrivateCircle Research dashboard, AppsForBharat’s financial journey has been marked by significant growth.
In FY 2023, the company reported total revenues of ₹6.39 crores, representing an impressive 174% increase from the ₹2.3 crores earned in FY 2022.
Much of this growth is attributed to a surge in revenue from the sale of services, which jumped from ₹3.8 lakhs in FY22 to ₹3.5 crores in FY23. This indicates that more users are opting for paid spiritual services, showcasing the demand for Sri Mandir’s offerings.
However, like many startups in emerging categories, AppsForBharat has been running at a loss.
In FY 2023, the company recorded a net loss of ₹44.97 crores. A significant portion of this loss can be traced to rising advertising expenses, which jumped from ₹1.5 crores in FY22 to ₹7.8 crores in FY23.
This heavy spending on marketing is essential for building brand awareness and educating the market about their unique services, especially as they establish themselves in the new category of faith-tech.
The Funding Round
In their most recent Series B round, AppsForBharat raised $18 million, led by Fundamentum, marking the fund’s first investment in the faith-tech space.
According to Ashish Kumar, Co-founder and General Partner at Fundamentum, the firm sees massive potential in the digital spirituality sector, especially as more Indians embrace technology for personal and religious purposes.
Why AppsForBharat? As Kumar points out, spirituality is deeply rooted in Indian culture, and while the sector has remained largely untouched by technology, there is a growing opportunity for platforms like Sri Mandir to offer digitised solutions that resonate with modern devotees.
The product’s ability to offer remote access to rituals, alongside a wide range of devotional content, differentiates Sri Mandir from competitors.
Additionally, AppsForBharat’s early success in building a strong community of users indicates that there’s room for further growth. Kumar also acknowledged that while competition in this space is still relatively minimal, the potential for new entrants and innovations remains high.
Deal History
Since its inception, AppsForBharat has raised a total of ₹260 crores in funding.
Both their Seed and Series A rounds occurred in 2021, only a year after the company was founded. During their Series A round, the company was valued at $41 million.
This fresh capital from the Series B round provides the company with the resources it needs to expand its market presence and scale operations.
But the road ahead is challenging. Building a new category requires not just financial capital but also significant investment in time and effort to cultivate a strong brand presence and educate users.
AppsForBharat’s focus on a niche market like faith-tech will require them to carefully manage their resources as they grow.
What Lies Ahead?
Looking ahead, AppsForBharat is well-positioned to capitalise on India’s booming digital services sector. With the fresh infusion of funds, the company is expected to scale its operations, expand its offerings, and continue investing in marketing to capture more of the market.
While the digital spirituality space is still in its nascent stage, Sri Mandir has the potential to become a key player in this sector.
Whether or not AppsForBharat can maintain its growth trajectory and become a leader in faith-tech will depend on how effectively they can leverage their funding, retain users, and continue to innovate.
Conclusion
In conclusion, AppsForBharat’s success in the spiritual-tech space reflects the changing landscape of how people engage with religion and spirituality in India.
With a robust product offering, a growing community of users, and a substantial amount of capital raised, the company is poised for future growth.
However, as with any startup in an emerging sector, the road ahead will require careful navigation, significant marketing efforts, and a keen focus on scaling operations.
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Disclaimer: The content provided in this article is for educational and informational purposes only and does not constitute professional financial advice. The opinions expressed herein are those of the author and do not necessarily reflect the views of the company / organisation.