AdOnMo, an adtech business, has raised Rs 58.21 Cr ($6.99 Mn) in its Series B1 fundraising round.
According to AdOnMo’s regulatory filing with the RoC, the board approved a special resolution to issue 4,156 CCPS and 36 shares at an issue price of Rs 1,38,850 each to raise Rs 58.21 crore, as reported by Entrackr.
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The new funding will be used by the startup to fund its financial requirements as well as its growth plans.
AdOnMo’s tech infrastructure allows for innovative use cases such as dynamic creative optimisation, social media-based ad triggers, and QR/NFC-powered measurement, to name a few.Â
Veterans of the healthcare industry Ravindranath Kancherla and his son Kancherla Pruthvinath contributed Rs 16.6 crore, while ZNL Growth (Z Nation Lab) and Qatar Insurance Company contributed Rs 8 crore and Rs 1.80 crore, respectively. Entrackr was the first to report on this development.
In 2020, Alibaba’s holding company Ant Financial, through Bace Capital, and other investors such Astarc Ventures and Mumbai Angel Network contributed $3 million to Adonmo’s pre-series fundraising round.
About AdOnMo
Founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo is powering the next wave of high-impact advertising in India, which is shaping the urban advertising landscape – through targeted DOOH advertising.
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