Indian adtech firm Adonmo banks $3m from Ant Financial’s BAce Capital

Adonmo, an adtech company in India, announced that it has raised US$3 million in a pre-series A round led by BAce Capital, with participation from Astarc Ventures and Mumbai Angels Network.

According to a statement, the round is part of BAce Capital’s plan to deploy more than 60% of its US$150 million India-Southeast Asia corpus for early-stage companies in India. The VC firm, backed by Alibaba and Ant Financial, previously invested in the likes of Paytm, Zomato, BigBasket, Rapido, and Healofy, among others.

Photo credit: Adonmo

The startup said it will use the funds to further expand its operations in India, accelerate product development, and acquire talent.

Adonmo, which was launched in Hyderabad in 2017 by Sandeep Bommireddi and Sravanth Gajula, has a presence in New Delhi, Mumbai, and Bengaluru.

It digitizes outdoor advertising media across the country primarily through digital car toppers. It also uses hyperlocal intelligence technology to bridge the gap between online and offline advertising channels.

Adonmo aims to empower brands – big or small – to reach their target audience at scale, efficiently and effectively. The startup said it has served over 250 innovative campaigns across India, involving clients such as Amazon, Honda, HDFC Bank, Ikea, and Reliance Digital, among others.

Currently with 40 engineers, Adonmo’s team also looks to play a crucial role in advancing smart-city infrastructure, according to the statement.

“We have invested and would continue to invest heavily in technology advancements and make the media tech space not just accountable, but constantly evolving and contextual,” Gajula said. “Over two years of our growth journey, we have filed seven patents. We expect further growth through more IP and patents in upcoming quarters.”