AdOnMo, a Hyderabad-based ad-tech startup backed by Zomato, has raised $25 million in a funding round led by Singapore-based venture capital firm Rigel Capital and Indonesia’s Sinar Mas.
The startup last raised $15 million in its Series B round led by Zomato in January 2022, during which Zomato acquired approximately 19.8% of AdOnMo. Other notable investors include Bace Capital, Astarc Ventures, and the Mumbai Angel Network.
With this latest funding, AdOnMo has raised $43 million to date, with which the startup continues to expand its operations in the competitive ad tech landscape.
With the new funds, AdOnMo plans to utilize the new funding to enhance its operations by expanding its footprint to 40 cities across India, up from the current 24. This growth strategy aims to strengthen its advertising solutions in the country, allowing more brands to leverage its services. The company will also increase its network of cloud-connected digital screens from 50,000 to 1 lakh. These screens deliver hyperlocal, data-driven advertising solutions to brands, enabling more precise targeting of audiences.
Founded in 2017 by brothers Sravanth and Sandeep Bommireddi, AdOnMo is focused on providing hyperlocal, data-driven advertising solutions through cloud-connected digital displays.
The company’s technology focuses on hyperlocal advertising, enabling brands to connect with consumers in specific areas. By using data analytics, AdOnMo ensures that advertisements are relevant and timely, improving engagement and conversion rates for its clients. This capability is particularly beneficial for businesses looking to reach audiences in localized markets.
Co-founder Sravanth Gajula stated, “Ambient contextual advertising is rapidly becoming a pivotal element in brand strategy, and we are leading the charge in this transformation. With this fundraise, we are poised to engage over 30 million urban consumers, delivering exceptional value and amplifying brand impact for our advertisers.”
“We started small, but the reception from both ends—clients and communities—was exceptional. Brands loved the collaboration, and the fact that we were keeping all our promises on time helped us build strong relationships,” he added.
“Rigel and Srinath Mars see enormous potential because they have witnessed similar markets flourish. They are bullish on our growth and understand the power of our first-mover status,” he said.
Sandeep added, “We aim to become an integral part of India’s urban infrastructure, creating engaging experiences for millions of viewers every day. We’re thrilled to partner with Rigel Capital on this journey, leveraging their extensive expertise in media technology and hardware to drive our vision forward.”
Sebastian Togelang, founding partner at Rigel Capital, said, “Their focus on hyperlocal intelligence and advanced technological infrastructure aligns seamlessly with our cross-border synergy creation strategy. We look forward to supporting AdOnMo as it continues to disrupt and lead the Indian DOOH advertising market.”
