Media tech startup Adonmo, that claims to be India’s first contextually targeted digital out-of-home (OOH) advertising firm, has raised funding. The ad firm has raised an amount of USD 3 million in the pre-series round of funding from Alibaba and others.
The funding round was led by Alibaba’s holding firm Ant Financial run Bace Capital, and others like Astrac Ventures and Mumbai Angels Network, as per a statement from the company. Adnomo would use the funds in expanding its operations, to acquire talent, and also accelerate product development.
Adnomo was founded in the year 2017 by Sandeep Bommireddi and Sravanth Gajula. The company also helps advertisers reach their target audience at scale, with efficiency and effectiveness. Some of its major clients include Amazon, Honda, Exide, HDFC Bank, Ikea, Reliance Digital.
Earlier, Bace Capital has already invested in startups like Paytm, Zomato, Bigbasket, Rapido, Healofy, Qyuki, Roomme, and others. VC firm Bace Capital normally invests in early-stage companies in emerging economies, that are primarily focussing on India and Southeast Asia.
Bace Capital is an affiliate of Alibaba and fintech giant Ant Financial. It is speculated that through Bace’s investment, they are planning 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, and with more and more funding happening here, the market is going to get more bullish. However, specific efforts and endeavours have to be taken towards the development of Tier 2 and Tier 3 cities, of India, which is where real development would actually come from. 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. Hope things turn out the same way soon.