Sri Mandir: Investors Drawn to Digital Devotion Growth

AppsForBharat Secures $20 Million in Series C Funding

AppsForBharat, the company responsible for the Hindu devotional application Sri Mandir, has successfully raised $20 million in a new investment round. This funding arrives less than ten months following a previous $18 million raise, demonstrating continued confidence in the app’s growth and potential.

Investment Details

Susquehanna Asia Venture Capital spearheaded the Series C funding round. Existing investors also participated, including Fundamentum Partnership – backed by Indian tech veteran and billionaire Nandan Nilekani – alongside Elevation Capital and Peak XV Partners.

The Growing Market for Digital Devotion

India possesses a deeply rooted tradition of religious devotion, boasting 53 temples for every 100,000 citizens. Approximately 2 million Hindu devotees regularly engage in prayers, either at home with local priests or directly at temples, seeking peace and overall well-being.

The economic impact of Hindu temples is substantial, valued at ₹3.02 trillion (approximately $40 billion) – representing nearly 2.3% of India’s total GDP, according to a survey conducted by the Indian government’s National Sample Survey Office.

Despite this significant scale, many services related to prayers and offerings remain largely offline, characterized by disorganization and fragmentation. Sri Mandir aims to address these inefficiencies by providing a digital solution.

Sri Mandir’s Progress and User Base

Established in November 2020, AppsForBharat quickly launched Sri Mandir to cater to the needs of Hindu devotees. The app facilitates online prayers and virtual offerings to temples throughout India.

Since its inception, the application has achieved over 40 million downloads. Over the last year, it has enabled 1.2 million devotees to participate in online prayers and make offerings at more than 70 temples across the country.

Currently, Sri Mandir maintains around 3.5 million monthly active users, with approximately 90,000 users accessing the platform from outside of India.

Revenue and User Demographics

While the app’s primary user base remains within India, revenue generated from international users is considerably higher. The average revenue per user (ARPU) internationally is around ₹7,000 (roughly $81), compared to ₹600-800 ($7-$9) within India.

A significant portion – nearly 20% – of the platform’s total revenue originates from the Indian diaspora residing in the U.S., U.K., UAE, Canada, Australia, and New Zealand.

The number of registered Sri Mandir users outside India is experiencing a quarterly growth rate of 15%, currently totaling 700,000.

User Distribution

Within India, the app’s user base is evenly distributed between tier-1 and tier-2 cities. Approximately 30% of Indian users are under the age of 35.

Conversely, the majority of users outside India are men and women aged 30 and above.

Financial Performance and Retention

As of early 2025, Sri Mandir has surpassed a $12 million annual run rate, as stated by Prashant Sachan, founder and CEO of AppsForBharat.

The app also boasts a six-month user retention rate of approximately 55%, indicating that over half of new users remain active on the platform six months after initial registration.

“The app’s inherent stickiness stems from the recurring nature of these transactions, which users typically perform multiple times throughout the year,” Sachan explained to TechCrunch.

User Behavior and Competition

User behavior differs based on location. In India, 20% to 25% of users engage in both prayers and offerings through the app. In the U.S., this overlap is significantly higher, reaching roughly 50% of the user base, likely due to the distance from physical temples.

While Hindu devotional services are predominantly offline in India, some temples are beginning to offer live streaming and online offerings. Consequently, several competing applications have emerged. However, Sachan asserts that these competitors collectively account for only 15% to 20% of Sri Mandir’s total cumulative installs.

Revenue Model and Temple Impact

Similar to other online platforms, Sri Mandir receives a commission from temples for facilitating online services. This take rate typically ranges from 20% to 25%, varying based on the specific services provided.

The startup is also expanding its revenue streams by introducing merchandise from well-known temples.

Furthermore, Sri Mandir contributes to increased revenue for temples, boosting their income by 15% to 25% through increased devotee engagement online.

Remains the Premier Hindu Devotional Application

Growth has been observed within the religious application market globally, with particularly strong expansion occurring in India. A 15% year-over-year increase in monthly active users was recorded for the top 10 religious applications worldwide during the first six months of 2025, despite a 2% decrease in downloads. The Indian religious app market has exceeded this global pattern, demonstrating a 60% rise in monthly active users and a 50% increase in downloads among the leading 10 apps.

Interestingly, despite the flourishing Indian religious app market, Sri Mandir experienced a slight decrease in its ranking. Previously positioned within the top 35 religious apps globally and holding the leading position in India throughout the first half of 2024, it has now fallen to second place domestically. It was surpassed by the Bible app from LifeChurch.tv, which reports over 80 million average monthly active users on a global scale.

However, Sri Mandir continues to be the most prominent Hindu devotional application available.

Investment in religious technology within India reached its highest point in 2024, attracting $50.5 million in funding. Global funding for this sector peaked earlier, in 2021, and has since seen a gradual decline, as indicated by data from Indian private market tracker Tracxn shared with TechCrunch. Since 2020, India has represented 15% of total global investment in religious tech, establishing it as the second-largest market after the U.S. in terms of funding volume.

AppsForBharat has become a leading startup in this sector, having secured $33.4 million in funding prior to its Series C round, according to Tracxn.

A spokesperson for Tracxn stated that “Religious tech startups are gaining increasing prominence globally, particularly in economies like India, due to the significance of culture and religion within the population, coupled with increased internet access, the growth of digital payments, and expanding adoption of e-commerce, especially in tier-2 and tier-3 cities.” Further growth in this sector is anticipated in the coming years.

AppsForBharat intends to utilize the new funding to invest in more than 20 temple towns across India, beginning with Varanasi and Ayodhya in Uttar Pradesh, Haridwar in Uttarakhand, and Ujjain in Madhya Pradesh. The company will establish physical facilities in these locations to create logistical and fulfillment centers within its temple network, managing the delivery of food offerings (prasad) and other ritual items.

It is anticipated that each facility will process between 40,000 and 50,000 orders and contribute to local job creation, according to Sachan.

Furthermore, the application’s user experience is being improved with AI-powered features, including the capability to pose questions related to faith, specific prayers, and festivals – inquiries traditionally directed to a priest or elders.

Sachan explained that the startup will collaborate with subject matter experts and implement safeguards to mitigate the risk of AI-generated inaccuracies, or “hallucinations.”

AppsForBharat is targeting profitability by 2027-28 and is planning for a potential public listing within the same timeframe, though Sachan noted that a definitive IPO timeline has not yet been established.

In the short term, the startup aims to expand its temple network to 500 this year and increase its workforce from the current 300 employees, including 250 based at its Bengaluru headquarters, to approximately 400.