28 March 2024 – In its Series B1 round, ad-tech company AdOnMo has received Rs 58.21 crore, or around $7 million. This is the Hyderabad-based company’s first significant investment since Zomato led its Series A round last year. According to AdOnMo’s regulatory filing with the RoC, the board approved a special resolution to issue 4,156 CCPS and 36 shares at an issue price of Rs 1,38,850 apiece in order to raise Rs 58.21 crore, or $7 million.
Ravindranath Kancherla and his son Kancherla Pruthvinath, veterans of the healthcare industry, contributed Rs 16.6 crore, while ZNL Growth (Z Nation Lab) and Qatar Insurance Company contributed Rs 8 crore and Rs 1.80 crore, respectively.
According to the filing, the firm would utilize these assets for working capital needs and business development. TheKredible, a startup data intelligence platform, estimates that AdOnMo is worth around Rs 858 crore, or $105 million, after money. The business has raised loans of Rs 20 crore from Northern Arc and Alteria Capital during the current fiscal year.
Conclusion
The business has already raised around $25 million from several stages, including the $15 million investment that Zomato led last year. Zomato had the biggest external ownership prior to this financing, accounting for 17.49% of the company, followed by Astarc Ventures and BAce Capital.
