Hyderabad-based advertising startup AdOnMo recently announced that it has raised $3million in the latest funding round led by Ant Financials’ BAce Capital. Other investors like Astarc Ventures and Mumbai Angels Network also participated in the funding round.
Founded by Sandeep Bommireddi and Sravanth Gajula in 2017, the startup relies on a combination of proprietary hardware and patented software to provide intelligent outdoor advertising solutions. The company uses roof-mounted digital screens on cabs and outdoor screens. With this innovation, the company aims to bridge the gap between online and outdoor advertising worlds by bringing end-point intelligence to digital out-of-home (DOOH).
With the latest funds, the company plans to develop its products and expand the team. It is also planning to strengthen its presence in India by moving to new cities. Currently, the company only operates in metro cities like Bengaluru, Hyderabad, Mumbai and New Delhi.
The company claims to have Amazon, Honda, Exide, HDFC Bank, IKEA and Reliance Digital as its client. It further claims to provide affordable solutions to SMEs (Small and Medium-scale Enterprises) as well. So far the company has run 250 campaigns for its clients across India.
Talking to media, Co-Founder Sravanth Gajula said, “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.” He further added that the company has so far filed seven patents and is also planning to file more in the future.
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