Total amount raised
$52.7 Millions
Latest funding date
Location
Adonmo has successfully raised significant funding through multiple rounds, positioning itself as a key player in the digital advertising space. The company specializes in Out-Of-Home (OOH) digital advertising, leveraging Hyperlocal Intelligence and patented technology to deliver targeted ads.
Keep reading to explore the intricacies of Adonmo's fundraising journey and the investors backing this innovative platform.
What Is Adonmo?
Adonmo, founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, is headquartered in Hyderabad, Andhra Pradesh, India. The company specializes in digital out-of-home (OOH) advertising, leveraging Hyperlocal Intelligence and patented technology to deliver targeted ads.
Adonmo operates India's largest digital screen network, providing outdoor advertising solutions that include LED screens on taxis and various digital advertising platforms. Their services extend to Residential Lift Lobby Screens, Ambient CTV Advertising, and a Campaign Creation and Management Dashboard.
With a workforce of 251-500 employees, Adonmo continues to innovate in the digital advertising space, offering a blend of reach, relevance, and affordability to its clients.
How Much Funding Has Adonmo Raised?
- Angel Round
- Amount Raised: $77.4K
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and initial product development.
- Angel Round
- Amount Raised: $101K
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the initial product offering and market reach.
- Angel Round
- Amount Raised: $124K
- Date: June 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology and expand the team.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2019
- Lead Investors: Astarc Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the digital advertising platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Venture Catalysts
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and market penetration.
- Seed Round
- Amount Raised: $3M
- Date: January 2020
- Lead Investors: BAce Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the digital screen network and enhance technological capabilities.
- Corporate Round
- Amount Raised: $15M
- Date: January 2022
- Lead Investors: Zomato
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance digital out-of-home advertising capabilities and expand market reach.
- Debt Financing
- Amount Raised: ₹200M
- Date: March 2024
- Lead Investors: Alteria Capital, Northern Arc
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational expansion and technological advancements.
- Series B
- Amount Raised: ₹582.1M
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the business and enhance the digital advertising network.
- Venture Round
- Amount Raised: ₹2.1B
- Date: September 2024
- Lead Investors: Rigel Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations to 40 cities and increase the digital screen network to 100,000 displays.
Total Amount Raised: $18.3M + ₹2.8821B
Current Valuation: Not publicly disclosed
Key Investors
- Rigel Capital
- Details: Rigel Capital is a Singapore-based venture capital firm known for its expertise in media technology and hardware. They led the recent $25 million funding round for Adonmo.
- Investment Focus Areas: Media technology, hardware, cross-border synergy creation.
- Notable Investments: Saltmine, Wisedrive Technologies Pvt Ltd, Noovoleum.
- Zomato
- Details: Zomato is a major food delivery and restaurant aggregator based in India. They invested $15 million in Adonmo's Series B round in January 2022, acquiring approximately 19.8% of the company.
- Investment Focus Areas: Food delivery, restaurant technology, related tech startups.
- Notable Investments: Blinkit, Hyperpure, Adonmo.
- Sinar Mas
- Details: Sinar Mas is an Indonesia-based conglomerate with diverse interests across various sectors. They co-led the recent $25 million funding round for Adonmo.
- Investment Focus Areas: Real estate, telecommunications, financial services.
- Notable Investments: Not publicly disclosed.
- Alteria Capital
- Details: Alteria Capital is a leading venture debt fund in India, providing structured debt solutions to high-growth startups. They participated in the ₹200M debt financing round for Adonmo in March 2024.
- Investment Focus Areas: Technology, consumer brands, healthcare.
- Notable Investments: Dunzo, Lendingkart, ZestMoney.
- BAce Capital
- Details: BAce Capital is a venture capital firm that focuses on early-stage investments in India and Southeast Asia. They led the $3 million seed round for Adonmo in January 2020.
- Investment Focus Areas: Fintech, consumer internet, enterprise technology.
- Notable Investments: Khatabook, Rupeek, ShopUp.
What's Next for Adonmo?
Adonmo's future looks promising as it plans to expand its digital screen network from 50,000 to 100,000 displays across 40 cities in India. This expansion will allow the company to engage over 30 million urban consumers, leveraging advanced features like social media-driven ad triggers and QR/NFC-enabled interactions. The significant market potential is underscored by the recent $25 million funding round, bringing their total funding to $43 million.
With strong backing from investors like Rigel Capital and Zomato, Adonmo is well-positioned for future fundraising opportunities. However, the company will need to navigate challenges such as maintaining profitability during rapid expansion and competing with other digital advertising networks. Ensuring the effectiveness of their tech solutions and adhering to regulatory requirements will be crucial for sustained growth.
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