AdOnMo raises USD 3 million funding from Ant Financial’s BAce Capital
By Pray Jani - February 03, 2020
The funds will also be utilised for product development, building upon the existing team and acquiring talent
AdOnMo, India’s leading contextually targeted digital Out-of-Home (OOH) advertising company, raises a pre-series round of USD 3 million led by Ant Financial’s BAce Capital. Alibaba and Ant Financial-backed BAce Capital invested in AdOnMo, amongst other investors, including Astarc Ventures and Mumbai Angels Network.
AdOnMo, which brings together both online advertising and outdoor advertising, will leverage the funds to expand its operations in the Indian market further. Currently, the startup is operational in Mumbai, Hyderabad, New Delhi and Bengaluru. The funds will also be utilised for product development, building upon the existing team and acquiring talent.
Founded in 2019, BAce Capital is a venture capital firm that invests in early-stage companies in emerging economies, primarily focusing on India and Southeast Asia. BAce Capital is an affiliate of Alibaba and fintech giant Ant Financial. BAce Capital’s investment in AdOnMo is a part of its plan to deploy more than 60 per cent of the $150-million India-Southeast Asia corpus in early-stage companies in India. BAce Capital and team has invested in other Indian startups such as Paytm, Zomato, Bigbasket Rapido, Healofy, Qyuki, Room me, amongst others.
Benny Chen, Managing Partner, 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.”
Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo wants to build the Google Ads of OOH advertising. It brings together the best of online and OOH advertising worlds. The startup envisions to empower brands, big or small, reach their target audience at scale, efficiently and effectively. With its cutting-edge hyperlocal intelligence technology, AdOnMo bridges the gap between the online and offline advertising channels.
Leading brands such as Amazon, Honda, EXIDE, HDFC Bank, IKEA, Reliance Digital, amongst others, are its customers. The startup also brings in affordable solutions for small and medium-scale enterprises (SMEs) as well.
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.”
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.”
With India’s rapidly growing digital economy, AdOnMo is betting big on playing a crucial role in