Peak XV-backed Indian spiritual tech startup bags $20m series C

AppsForBharat, the developer of the devotional app Sri Mandir, has raised 175 crore rupee (US$20 million) in a series C round led by Susquehanna Asia Venture Capital.

Existing investors, including Fundamentum, Elevation Capital, and Peak XV Partners, also participated.

The funds will be used to expand operations in over 20 temple towns like Ayodhya, Varanasi, Ujjain, and Haridwar, enhance service and commerce verticals, and build logistics and fulfillment centers.

Launched in 2020, Sri Mandir has crossed 4 crore downloads. It offers online pujas, ritual offerings, and spiritual content.

The company is investing in AI tools for user support and plans local hiring to manage temple town operations.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ India’s spiritual economy is emerging as a significant digital growth sector

India’s religious and spiritual market, valued at $30-48 billion according to 2016 estimates, is undergoing rapid digital transformation alongside the broader economy1.

This sector represents approximately 2.32% of India’s GDP through temple-related activities alone, making it a substantial economic force beyond its cultural significance2.

Sri Mandir’s growth metrics, including 40 million downloads and 5.2 million rituals conducted by 1.2 million users, demonstrate the scale of demand for digital spiritual services3.

The platform’s expansion aligns with India’s overall digital economic trajectory, which is projected to contribute nearly 20% to national income by 2029-30, outpacing traditional sectors like agriculture4.

For context, the company’s revenue reached ₹6.39 crores in FY 2023, though it reported losses of ₹44.97 crores due to high marketing expenditures, highlighting the investment-intensive nature of this emerging category5.

2️⃣ Digital devotion platforms are creating economic resilience in temple towns

AppsForBharat’s initiative to establish logistics and fulfillment hubs in 20+ temple towns represents a significant shift in local economic structures that have historically depended on seasonal tourism.

Online puja bookings are contributing an additional 25-30% income to traditional religious service providers, creating more stable, year-round revenue streams for priests and local vendors6.