Mumbai Angels portfolio company, AdOnMo raises pre-series A of $3 mn led by BAce Capital

Mumbai Angels portfolio company, AdOnMo raises pre-series A of $3 mn led by BAce Capital

January 31, 2020 AdOnMo has recently raised $1.5 mn from BAce Capital backed by Ant Financial. BAce Capital is led by Mr. Kshitij Karundia (KK), who is a esteemed Mumbai Angels Networks member, along with Benny Chen. The company now has raised a total pre-series funding of $3mn after adding the funds raised by Mumbai Angels, Astarc Ventures and other Angel investors.

AdOnMo, started in 2017 by Sandeep Bommireddi and Sravanth Gajula in Hyderabad, specialises in OOH digital advertising, enabling targeted ads at relevant localities using Hyperlocal Intelligence & patented tech. AdOnMo provides outdoor advertising solutions that allow clients to display advertisements on LED screens mounted on taxis. AdOnMo will use the fresh funding to finance product development, talent recruitment, and team construction. The startup plans to further expand its operations in the Indian market. It currently has a presence in Mumbai, Hyderabad, New Delhi and Bengaluru.

“We wanted to take a radically different approach to the problems in the advertising industry. 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,” said Sravanth Gajula, Co-founder of AdOnMo, in the statement.

Benny Chen, Managing Partner of BAce Capital, commented “Drawing parallels from the China story, we see a lot of potential in this space and we think it's very early times for it in India. AdOnMo is taking a unique approach to truly unify online and outdoor advertising using cutting edge technology. We are really excited to join hands with young & passionate AdOnMo team to digitalize India's growing smart cities and support the growth of it's digital economy.”

Gita Nayyar, Mumbai Angels Investor, said, “I had invested in AdOnmo as the founding team impressed me with their proposition and I believed there was considerable  growth potential. The association with BAce capital will help them grow significantly in new markets and segments. I would like to congratulate the team on securing this round of funding.”

Vijay Hede, Mumbai Angels Investor commented, “I am pleased with AdOnMo’s performance as the founders have delivered what they had promised when I invested. The additional funding from BAce Capital will help them expand into new geographies at a faster rate and further product development.”

Raj Rughani, Mumbai Angels Investor also added "It is a pleasure to be associated with able and dedicated promoters like Sravanth and Sandeep. The introduction of BAce Capital will greatly enhance commercialization opportunities with its international outreach. I look forward to supporting the business in its growth initiatives to cement its position as an enduring OOH Digital Advertising company, built in India",

Nandini Mansinghka, Co-promoter and CEO at Mumbai Angels Network commented, “We are very happy to be a part of the AdOnMo journey which will change the face of outdoor media. AdOnMo Digital OOH is an innovative technology which will disrupt the outdoor advertising industry in India. We wish AdOnMo the very best.”

About Mumbai Angels Network: Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Jaipur, Goa and Pune). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.