The money will be used to create content IPs, construct the product, and hire personnel in the product, data, and engineering verticals, as per the official announcement.
AppsForBharat, a Bengaluru-based product studio focusing on developing applications for Indian consumers’ spiritual and religious needs, has secured $10 million in a Series A round-headed by Elevation Capital, with previous investors Sequoia Capital India, BEENEXT, and Matrix Partners India participating.
Scott Schleifer (Partner, Tiger Global); Saurabh Gupta (Managing Partner, DST Global); Ankush Sachdeva, Farid Ahsan, and Bhanu Pratap Singh (ShareChat Co-founders); Utsav Somani (Partner, iSeed); Anshumani Ruddra (Group PM, Google); Vidit Aatrey and Sanjeev Barnwal (Co-founders, Meesho); and Kunal Shah (Founder (Founder, CRED) were also featured.
The money will be used to create content IPs, construct the product, and hire personnel in the product, data, and engineering verticals, according to the official announcement.
Sequoia Capital India, BEENEXT, and WEH Ventures had previously given the firm $4 million in early investment in April 2021.
AppsForBharat was founded in November 2020 by Prashant Sachan with the goal of creating a spiritual-tech firm that caters particularly to the needs of Indians. The company is presently working on several mobile apps that will provide a better user experience and address the country’s many unmet spiritual and devotional requirements. High-quality spiritual, devotional, wellness, and meditation-related tools, groups, and services will be among the company’s many offerings.
“As early investors in numerous content and social platforms, we have been close observers to the required gap for devotional platforms,” Mayank Khanduja, Partner, Elevation Capital, stated. We understood right away when we met Prashant and heard his vision for AppsForBharat that this was a business we wanted to be a part of. As we chatted with consumers, it became clear that the product is meeting the needs of a diverse range of people across age groups, geographic regions, and economic levels. We’re ecstatic about the enormous possibility that lies ahead for the firm in developing a product that can serve a billion or more people.“