AdOnMo, a Hyderabad-based ad-tech firm backed by Zomato, has raised Series B1 funding of $7 million in its Series B1 round, reflecting investor participation and showcasing the company’s innovative approach to digital advertising, leading to a significant increase in valuation and highlighting solid fiscal performance.
This marks a pivotal moment for the company since its Series A round led by Zomato last year. Noteworthy contributions from various investors, including healthcare veteran Ravindranath Kancherla and Qatar Insurance Company, highlight the growing confidence in AdOnMo’s innovative approach to targeted digital advertising.
AdOnMo’s regulatory filing with the RoC reveals that the company issued 36 equity and 4,156 CCPS at an issue price of INR 1,38,850 each, resulting in a total raise of INR 58.21 crore or $7 million. Key investors such as Ravindranath Kancherla and his son Kancherla Pruthvinath, along with Qatar Insurance Company and ZNL Growth, made noteworthy contributions to this funding round.
Diverse Investor Participation
Apart from institutional investors, a diverse group of thirty-six individual investors also participated in AdOnMo’s Series B round, including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy. This diverse investor base reflects the broad appeal and potential of AdOnMo’s business model.
Furthermore, the influx of capital will allow AdOnMo to form strategic alliances and enter unexplored sectors with specialized advertising solutions. This proactive strategy for global expansion demonstrates AdOnMo’s dedication to creating value for its clients and stakeholders.
AdOnMo plans to utilize these funds for business expansion and to meet its working capital requirements, as outlined in its regulatory filing. This strategic investment aims to fuel AdOnMo’s growth trajectory and further solidify its position in the ad-tech industry.
AdOnMo’s Valuation and Fiscal Performance
As per data, AdOnMo’s valuation now stands at approximately INR 858 crore or $105 million post-money. Despite reporting losses of INR 38 crore in the fiscal year ending FY23, Ad-OnMo showcased remarkable revenue growth, with revenue from operations surging four-fold to INR 75 crore during the same period.
AdOnMo’s successful funding round underscores investor confidence in its innovative approach to digital advertising. With strategic investments and a clear roadmap for expansion, AdOnMo aims for continued growth and impact in the ad-tech industry.
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