You are here: Home » PTI Stories » National » News
Business Standard

AdOnMo raises $3 million from Ant Financial's BAce Capital, others

Other investors include Astarc Ventures and Mumbai Angels Network


Press Trust of India  |  Mumbai 

Media-tech 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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, January 30 2020. 17:55 IST