AppsForBharat Nets $18 Mn To Boost Operations Of Its Spiritual App Sri Mandir, Eyes Offline Expansion
In a significant development in the tech and spiritual space, Bengaluru-based AppsForBharat has successfully secured a substantial investment to enhance its operations and outreach. The company, known for its innovative spiritual tech platform Sri Mandir, has secured $18 million in a Series B funding round, setting the stage for expanded services and offerings.
The funding round was led by Fundamentum, alongside contributions from Susquehanna Asia VC, Elevation Capital, Peak XV, and Mirae Asset VC. This influx of funds is earmarked for scaling up the operations of the Sri Mandir app, including the addition of new temples, launching new services, and developing a robust technology stack to cater to the comprehensive needs of the devotional ecosystem.
Before this round, AppsForBharat had amassed a total of $14 million from its Series A and seed funding phases, demonstrating the growing investor confidence in its vision and operations. With the launch of its flagship app, Sri Mandir, in 2021, the company has been at the forefront of digitalizing the devotional journey for users across the globe.
The Sri Mandir app allows users to create a personalized virtual temple on their devices, facilitating activities such as poojas, lighting diyas, and making offerings right from the comfort of their homes. With access to over 50 temples, the app ensures that devotees can partake in religious activities and access devotional content without geographic constraints.
Prashant Sachan, the founder and CEO of AppsForBharat, shared, “Our aim is to evolve Sri Mandir into a comprehensive digital technology platform that encompasses all facets of a devotee’s spiritual journey.” Reflecting on the app’s monetization journey since late 2022, Sachan highlighted the significant growth and positive contribution margin achieved, pointing towards a path to profitability in the forthcoming 18 to 24 months.
Despite being a free app, Sri Mandir generates revenue through engagement features, offerings, and pujas, with a notable 25% demand stemming from international markets including the US, Canada, the UK, and the Middle East.
Since its introduction, the app has seen a remarkable 20-fold increase in user engagement, boasting 30 million installs. Looking ahead, Sachan aims to significantly expand the app’s user base and revenue by developing a free SaaS tool for temples, enhancing its offerings in regional languages, and scaling both domestic and international operations.
One of the key future endeavors includes an offline expansion in the next six months, aimed at enriching the user experience through new partnerships and integrations. This move seeks to bridge the gap between online and offline spiritual practices, ensuring a seamless and immersive devotional experience for users.
However, the journey has not been without its challenges. The company witnessed a fivefold increase in its losses in the financial year ending March 31, 2023, primarily driven by its aggressive expansion and operation scaling efforts. Despite this, the significant jump in revenue from operations, from INR 3.8 lakh in FY22 to INR 3.5 crore in FY23, underscores a robust growth trajectory and a promising outlook for the spiritual tech platform.
Fulfilling the vision of bridging the gap in devotional and spiritual services, AppsForBharat, under the leadership of Sachan, an esteemed IIT Bombay alumnus, continues to make strides towards enriching the spiritual journey for over half a billion people in India and around the world.
