Spiritual tech startup AppsForBharat has raised $10 Mn in a Series A round led by Elevation Capital. In addition, existing investors Sequoia Capital India and BEENEXT, and Matrix Partners India participated in the round.
Besides, angels like Tiger Global’s Scott Schleifer, DST Global’s Managing Partner Saurabh Gupta, Ankush Sachdeva, ShareChat cofounders Farid Ahsan and Bhanu Pratap Singh,iSeed’s Utsav Somani, Google’s Group PM Anshumani Ruddra, Meesho cofounders Vidit Aatrey and Sanjeev Barnwal, and CRED’s founder Kunal Shah also participated in the round.
The startup said it will channel the funds to create content IPs, build the product, and hire talent across the product, data, and engineering verticals.
Launched in 2020 by Prashant Sachan, AppsForBharat is a product studio that digitises the experience of engaging with one’s faith.
The current funding came on the back of the startup’s Seed round last month, wherein it raised $4 Mn from Sequoia Capital India and BEENEXT Ventures.
Covid-induced lockdowns had forced everyone from government to education to go digital. Post lockdowns, several religious institutions have shifted to conducting processions and mass online. There are apps that cater to individual needs like scriptures, stories and devotional audio, etc.
Reports suggest that India’s religion and spirituality market was worth $44 Bn last year and is expected to scale at 10% CAGR between 2021-26.
AppsForBharat aims to monetise this market and build a spiritual-tech company that specifically addresses the digital and spiritual needs of the Indian population. The startup aims to build a digital sanctuary for those looking to enhance their spiritual journey on their smartphones with its app.
AppsForBharat claims its product SriMandir has an average rating of 4.8/5 and over 1 Mn downloads. The startup, which competes with other applications such as SmartPuja, Sutradhar, Diviniti, MyMandir, Spiritual Mantra Isha Foundation, SoulSpeak, Sarva, and others, said that what keeps it ahead is its in-depth engagement feature.
With it, users can participate in personalised pravachan (discourses) and virtual Satsang, make offerings to temples, and even consult with astrologers and priests.
In addition, the startup now plans to offer exceptional spiritual, devotional, wellbeing, and meditation-related tools, communities and services.