Outdoor advertising startup AdOnMo, on Thursday, said that it has raised $3 million in a Pre-Series A round led by Ant Financial-backed investment firm BAce Capital. Other investors which participated in this round include Astarc Ventures and Mumbai Angels Network.
The startup, in a statement, said that it will be using these funds to further expand its operations in the country. The capital will also be utilised for product development, building upon the existing team, and acquiring newer talent.
Speaking about the investment, Sandeep Bommireddi, Co-Founder of AdOnMo, said,
“We are delighted to have Alibaba-backed BAce Capital for our Pre-Series investment. Its long-term view and portfolio of investments in early-stage startups will provide many synergistic opportunities as we expand our operations to other geographies within the rapidly growing media-tech industry.”
The startup is operational in four metros including Mumbai, Hyderabad, New Delhi, and Bengaluru.
Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo aims to bring together the best of online and OOH advertising worlds, and envisions to empower brands, big or small, reach their target audience at scale, efficiently and effectively.
Further, with its cutting-edge hyperlocal intelligence technology, AdOnMo bridges the gap between the online and offline advertising channels.
At present, the startup counts brands such as Amazon, Honda, EXIDE, HDFC Bank, IKEA, and Reliance Digital, amongst others, as its customers. It also brings in affordable solutions for small and medium-scale enterprises (SMEs) as well.
Sravanth Gajula, Co-Founder of AdOnMo, said,
“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. Over two years of our growth journey, we have filed seven patents. We expect further growth through more IP and patents in upcoming quarters.”
AdOnMo claims to use cabs as a medium for advertisement, where it mounts its taxi top devices that are designed to understand their surroundings, allowing the startup to advertise relevant content (for clients) based on the location (of the taxi) to reach the target audience.
Commenting on the investment, Benny Chen, Managing Partner of BAce Capital, said,
“Drawing parallels from the China story, we see a lot of potential in this space. AdOnMo is taking a unique approach to unify online and outdoor advertising using cutting-edge technology. We are excited to join hands with the young and passionate AdOnMo team to digitalise India's growing smart cities and support the growth of its digital economy.”
BAce Capital and team has invested in other Indian startups such as Paytm, Zomato, BigBasket, Rapido, Healofy, Qyuki, Room me, among others.
(Edited by Saheli Sen Gupta)