Spiritual tech platform AppsForBharat announced on Thursday that it has raised $10 Mn in Series A funding round. Elevation Capital, which was previously known as Saif Partners, led the round. Other marquee investors including Sequoia Capital India, BEENEXT and Matrix Partner India also contributed in the round.
Apart from VC investors, slew of high-profile angel investors also participated in the funding round. These investors included the likes of Scott Schleifer (Partner, Tiger Global), Saurabh Gupta (Managing Partner, DST Global), Anushka Sachdeva, Sanjeev Barnwal (Co-founders, Meesho) and Kunal Shah (Founder, Cred).
AppsForBharat’s founder Prashant Sachan took to Twitter to announce about the funding round.
Before Series A, AppsForBharat had raised $4Mn in a seed funding round co-led by Sequoia and BEENEXT.
AppsForBharat essentially engages in creating superior apps that specifically caters to the needs of spiritual and religious devotees. Few months back, the company had rolled out its first product Sri Mandir.
Sri Mandir allows users to create and access wide range of spiritually alleviating activities like creating personalized shrines, consume devotional content and vast digital library containing spiritual texts and scriptures.
The expectations from AppsforBharat are especially high given that its founder Prashant Sachan has quite a bit of an experience in building successful startup. He was the co-founder of successful lifestyle short video app Trell.
Considering that India is a highly religious country, any market related to religion and spirituality makes for a lucrative market. However, spiritual tech as an investment space is highly under-penetrated, with investors giving a lukewarm to this high niche category.