AppsForBharat has announced that it has secured $10 million in Elevation Capital led series A funding round. The round also saw participation from existing investors BEENEXT, Sequoia Capital India and Matrix Partners India.
Angel investors including Scott Schleifer (Partner, Tiger Global); Sai Srinivas, (Co-founder and CEO, MPL); Saurabh Gupta (Managing Partner, DST Global); Kunal Shah (Founder, CRED); Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan (Co-founders, ShareChat); Anshumani Ruddra (Group PM, Google); Utsav Somani (Partner, iSeed) as well as Vidit Aatrey and Sanjeev Barnwal (Co-founders, Meesho) participated in the round.
Speaking on the announcement, Prashant Sachan, Founder, AppsForBharat, commented, “We are grateful to have such great partners on our journey. As we continue building AppsForBharat, we are putting together a great team that is customer obsessed and approaching it the right way — focussing on user needs as well as driving delight and long-term retention.”
“Our aim is to build products that users love, one that becomes a daily habit for a billion Indians, products that offer happiness and peace. If someone (reading this) is passionate about building products for such needs, we invite them to join our team,” Prashant said.
Mayank Khanduja, Partner at Elevation Capital, stated, “As early investors in multiple content and social platforms, we have been close witnesses to the need gap for devotional platforms. When we met Prashant and heard his vision behind AppsForBharat, we instantly knew this is a business we want to be partners in. As we spoke to the users, we realised that the product is satisfying the needs of a very wide distribution of audience across age groups, geographic locations, and income brackets. We are really excited about the immense opportunity ahead for the company in building a product that works for a billion plus people.“
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.