Investment of $3 million by Ant Financial and additional parties in digital advertising company, Adnomo
In a significant development for the Indian startup ecosystem, Adonmo, an Indian media tech startup, has secured $3 million in a pre-series funding round. The round was led by Ant Financial, an affiliate of Alibaba, and Bace Capital, a fintech giant and an investor in various startups such as Paytm, Zomato, Bigbasket, and Rapido.
Adonmo, founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, claims to be the first contextually targeted digital out-of-home (OOH) advertising firm in India. The company helps advertisers reach their target audience at scale, with efficiency and effectiveness.
Some of Adnomo's major clients include Amazon, Honda, Exide, HDFC Bank, Ikea, and Reliance Digital. The funds raised by Adonmo will be used for expanding operations, acquiring talent, and accelerating product development.
Bace Capital, which normally invests in early-stage companies in emerging economies, primarily focusing on India and Southeast Asia, plans to deploy more than 60 percent of the USD 150 million India-Southeast Asia corpus in the early-stage companies in India.
The Indian startup ecosystem has been thriving of late, with more funding happening. This investment in Adnomo is a testament to the bullish market expectations due to the increasing funding in the Indian startup ecosystem.
Besides Ant Financial and Bace Capital, Alfresa Holdings and jinjiekou also invested in Adnomo's pre-series financing round. The funding round was also led by Alibaba's holding firm Ant Financial, run by Bace Capital, and other investors like Astrac Ventures and Mumbai Angels Network.
Development in Tier 2 and Tier 3 cities is crucial for equitable distribution and all-round development of the country, specifically the economy. Unless development is equitably distributed among different parts of the country, there are little chances that there would be all-round development of a country, more specifically an economy.
This investment in Adnomo, a homegrown startup, is a step towards achieving this goal. By providing contextually targeted digital out-of-home advertising solutions, Adnomo aims to bridge the gap between advertisers and their target audience in Tier 2 and Tier 3 cities.
In conclusion, the investment in Adnomo is a significant development for the Indian startup ecosystem and the digital advertising industry. It is expected that this investment will fuel the growth of Adnomo and contribute to the development of Tier 2 and Tier 3 cities in India.
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