Peak XV-Backed AppsForBharat’s FY23 Loss Widens 5X To INR 45 Cr

Bengaluru-based spiritual and religious services provider AppsForBharat’s loss widened 5X to INR 44.9 Cr in the financial year ending March 31, 2023, from INR 9 Cr in FY22.

The startup’s revenue from operations jumped 92X to INR 3.5 Cr in FY23 from INR 3.8 Lakh in FY22, as per its filings with the Ministry of Corporate Affairs.

AppsForBharat’s total revenue also increased 2.8X to INR 6.4 Cr in FY23 from INR 2.3 Cr in FY22. It must be noted that a majority of its revenue came from the interest it earned on its investments — INR 2.8 Cr in FY23 versus INR 2.3 Cr in FY22.

Total expenses increased to INR 47.9 Cr in FY23 from INR 11.4 Cr in FY22 and impacted the bottom line. AppsForBharat spent INR 26.6 Cr on employee benefit expenses in FY23 against INR 6.8 Cr in FY22.

Further, the Bengaluru-based startup spent INR 7.9 Cr on advertising and publicity in FY23, a 4.9X jump from INR 1.6 Cr spent on promotion in FY22.

Incorporated by former Trell founder Prashant Sachan in 2020, AppsForBharat is building a suite of mobile and web applications to cater to users’ holistic needs. Their inaugural app, Sri Mandir, made its debut in November 2020.

The startup has raised more than $14 Mn since its inception. It last raised $10 Mn in its Series A funding round, which saw participation from Elevation Capital, Peak XV Partners (formerly Sequoia Capital India and Southeast Asia) and Matrix Partners India. AppsForBharat is also backed by angel investors like Bhanu Pratap Singh, Kunal Shah, and Vidit Aatrey.

The surge in India’s spiritual tech sector stems from diverse factors, including the UPI revolution, affordable internet, the proliferation of app culture, and the steadfast faith ingrained in Indian culture. These elements collectively drive growth and innovation in this intriguing startup domain.

According to a study, the Indian faith market currently stands at a whopping $58.56 Bn with religious tourism accounting for a major share in this sector.