Summary:
Sri Mandir, a Hindu devotional app by AppsForBharat, raises $20 million in Series C funding
The app has 40 million downloads and serves 1.2 million devotees with online prayers and offerings
India's temple economy is worth ₹3.02 trillion ($40 billion), with Sri Mandir digitizing a largely offline sector
3.5 million monthly active users, with 20% of revenue from the Indian diaspora abroad
Achieves 55% six-month retention rate and a $12 million run rate in early 2025
AppsForBharat, the innovative Indian startup, has successfully raised $20 million in its latest funding round for Sri Mandir, a Hindu devotional app. This marks a significant milestone just nine months after their previous $18 million raise, showcasing the app's growing appeal among devotees and investors alike.
The Backbone of Digital Devotion
With Susquehanna Asia Venture Capital leading the Series C round, and support from notable investors like Nandan Nilekani’s Fundamentum Partnership, Elevation Capital, and Peak XV Partners, Sri Mandir is set to expand its digital footprint in the religious sector.
A Temple Economy Goes Digital
India's temple economy, valued at ₹3.02 trillion (about $40 billion), represents nearly 2.3% of the country's GDP. Despite its size, the sector remains largely offline. Sri Mandir is changing that by offering online prayers and virtual offerings to over 70 temples across India, attracting 40 million downloads since its launch.
Global Reach and Growing User Base
The app boasts 3.5 million monthly active users, with a significant portion coming from outside India. The average revenue per user (ARPU) abroad is notably higher, around ₹7,000 (roughly $81), compared to ₹600–800 ($7–9) domestically. The Indian diaspora in countries like the U.S., U.K., UAE, Canada, Australia, and New Zealand contributes to 20% of the platform's revenue.
Retention and Revenue
Sri Mandir has achieved a six-month retention rate of 55%, with a $12 million run rate at the start of 2025. The app's ability to retain users is attributed to the recurring nature of devotional activities, as highlighted by Prashant Sachan, founder and CEO of AppsForBharat.
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