Media-tech startup AdOnMo, which claims to be the country's first contextually-targeted digital out-of-home (OOH) advertising firm, has raised USD 3 million (around Rs 21.4 crore) in pre-series round funding from Alibaba and others.
The funding was led by Alibaba's holding firm Ant Financial-run BAce Capital and others like Astarc Ventures and Mumbai Angels Network, the Hyderabad-based firm said in a statement on Thursday.
The company will use the fund to expand operations, acquire talent and accelerate product development.
AdOnMo brings together online and outdoor advertising. Currently, it is operational in Mumbai, Hyderabad, New Delhi and Bengaluru.
Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, Adonmo helps advertitsers reach their target audience at scale with efficiency and effectiveness.
It boasts of Amazon, Honda, Exide, HDFC Bank, Ikea, Reliance Digital as its clients. BAce Capital invests in early-stage firms in emerging economies, primarily focusing on India and Southeast Asia.
It is an affiliate of Alibaba and fintech giant Ant Financial. Its investment in this firm is a part of its plan to deploy over 60 percent of the USD 150-million India-Southeast Asia corpus in early-stage companies in the country.