Sri Mandir Attracts Investors as Digital Worship Rises
▼ Summary
– AppsForBharat, the startup behind Hindu devotional app Sri Mandir, raised $20 million in Series C funding, following an $18 million round nine months prior, reflecting strong investor interest.
– Sri Mandir serves over 40 million downloads, enabling 1.2 million devotees to perform online prayers and offerings at 70+ temples, with 3.5 million monthly active users (90,000 abroad).
– The app generates higher revenue per user internationally (₹7,000 vs. ₹600–800 in India), with 20% of revenue coming from the Indian diaspora in the U.S., U.K., UAE, Canada, Australia, and New Zealand.
– AppsForBharat plans to invest in 20+ temple towns, open physical fulfillment hubs, and enhance the app with AI features for faith-related queries while targeting profitability by 2027–28.
– Despite competition, Sri Mandir remains India’s top Hindu devotional app, with religious tech funding in India peaking at $50.5 million in 2024, making it the second-largest market globally after the U.S.
The digital transformation of religious practices is gaining momentum in India, with devotional apps like Sri Mandir leading the charge. The platform, developed by startup AppsForBharat, has secured $20 million in its latest funding round, demonstrating strong investor confidence in the intersection of faith and technology. This comes just months after the company raised $18 million, highlighting rapid growth in a sector that blends tradition with modern convenience.
Susquehanna Asia Venture Capital spearheaded the Series C investment, joined by prominent backers such as Fundamentum Partnership, Elevation Capital, and Peak XV Partners. Their participation underscores the potential of faith-based digital platforms in a country where spirituality plays a central role in daily life. With over 40 million downloads since its 2020 launch, Sri Mandir has become a key player in India’s ₹3.02 trillion temple economy, bridging the gap between devotees and sacred sites through virtual prayers and offerings.
The app’s user base reveals fascinating geographic and demographic trends. While 3.5 million monthly active users are predominantly Indian, international adoption is growing steadily at 15% per quarter, now reaching 700,000 registered users abroad. Notably, the average revenue from overseas devotees is nearly ten times higher than domestic users, with the Indian diaspora in countries like the U.S., U.K., and UAE contributing significantly to the platform’s earnings. Within India, tier-1 and tier-2 cities show equal engagement, with younger users under 35 making up nearly a third of the audience.
Sri Mandir’s financial performance reflects its sticky user base, achieving a $12 million annual run rate early this year. The app boasts an impressive 55% six-month retention rate, as devotees return regularly for spiritual services. Founder Prashant Sachan attributes this loyalty to the recurring nature of religious practices, whether daily prayers or festival offerings, that keep users engaged year-round. The platform takes a 20-25% commission from partner temples while helping them expand their reach and increase revenues by 15-25%.
Competition in the religious tech space is heating up, though Sri Mandir maintains its dominance as India’s top Hindu devotional app. While global religious apps saw modest growth, India’s market surged with 60% more monthly active users across leading platforms. Though briefly overtaken by a Christian Bible app in rankings, Sri Mandir continues to outperform regional competitors, claiming 80-85% of the market share in its category.
The fresh capital will fuel ambitious expansion plans, including physical hubs in 20 temple towns across India. These centers will manage logistics for prasad deliveries and ritual items while creating local employment opportunities. The startup is also enhancing its app with AI-powered features for spiritual guidance, carefully designed with expert oversight to maintain accuracy. With plans to grow its temple network to 500 locations and expand its team to 400 employees, AppsForBharat is positioning itself for profitability by 2027-28, with potential IPO plans on the horizon.
Industry analysts predict sustained growth for faith-based tech platforms, particularly in markets like India where cultural traditions meet digital adoption. As internet penetration deepens in smaller cities and digital payments become ubiquitous, apps that cater to spiritual needs are finding fertile ground. With its latest funding and strategic roadmap, Sri Mandir appears well-positioned to maintain its leadership in this evolving sector.
(Source: TechCrunch)
