Samreen Ahmad · · 1 min readSequoia, Beenext lead $4m round of Indian spiritual tech startup
Indian spiritual tech startup AppsForBharat has raised US$4 million in seed funding co-led by Sequoia Capital India and Beenext. The round also saw participation from WEH Ventures.
Team AppsForBharat/ Photo credit: AppsForBharat
The startup said it would use the funds for product development and hiring tech talent. In May, Entrackr reported that the startup was in the last stages of inking an investment deal with Sequoia India and Beenext.
Incorporated in November last year, AppsForBharat is currently developing a range of mobile apps to cater to the spiritual needs of users. These products will include spiritual, devotional, well-being, and meditation-related tools, communities, and services.
AppsForBharat aims to move the user’s offline devotional behavior online through its various offerings. The platform has already launched an app (currently in stealth mode), which is an intersection of spiritual services and gaming, according to its website.
See also: Did Sequoia India do enough due diligence on Telio?
A report by Expert Market Research says that the Indian religious and spiritual market reached a value of US$44 billion in 2020. The industry is expected to grow even further at a compounded annual growth rate of 10% from 2021 to 2026.
Editing by Jaclyn Tiu
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