Zomato-Backed AdOnMo Raises $25 Mn To Expand Presence To 40 Indian Cities

Adtech startup AdOnMo has raised $25 Mn (about INR 209 Cr) in a funding round led by Singapore-based venture capital (VC) firm Rigel Capital and Indonesia-based Sinar Mas.

The funding round also saw participation from existing investors and financial institutions. 

AdOnMo’s cofounder Sravanth Gajula said that the startup will use the fresh funds to expand its presence to 40 Indian cities from the current 24 and increase its number of displays, which deliver hyperlocal, data-driven advertising solutions to brands, to 1 Lakh from 50,000 currently.

“With this fundraise, we are poised to engage over 30 Mn urban consumers, delivering exceptional value and amplifying brand impact for our advertisers,” he said. 

Founded in 2017 by Sravanth and Sandeep Bommireddi, AdOnMo provides outdoor advertising solutions. The startup enables targeted, real-time advertisements on cloud-connected digital screens.

The startup claims that its proprietary infrastructure provides features like dynamic creative optimisation, social media-driven ad triggers, and QR/ NFC-powered interactions. Using this, it claims that its out-of-home (OOH) advertising screens offer highly targeted campaigns that maximise audience engagement through precision targeting, measurable ROI, and seamless offline-online integration. 

The startup last raised $15 Mn in its Series B round from foodtech major Zomato. Back then, Zomato picked up about 19.8% stake in the startup and said that AdOnMo platform would help its food ordering and delivery business ‘leverage new digital avenues for customer acquisition’.

Besides Zomato, it also counts Bace Capital, Astarc Ventures, Mumbai Angel Network, among others as its investors. Overall, it has raised a total funding of $29.4 Mn prior to this funding round.

On joining the startup’s captable, Rigel Capital’s founding partner Sebastian Togelang said, “Their (AdOnMo) focus on hyperlocal intelligence and advanced technological infrastructure aligns seamlessly with our cross-border synergy creation strategy. We look forward to supporting AdOnMo as it continues to disrupt and lead the Indian DOOH advertising market.”

This comes at a time when brands in India are increasing their OOH advertising expenses. According to Pitch Madison Advertising Report 2024, the overall OOH advertising expenditure in India stood at INR 4000 Cr. It noted that the OOH market has grown 1.5X in size in the past five years. 

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