Hyderabad-based ad tech startup AdOnMo has raised $25 million (approximately INR 209 crore) in its latest funding round, led by Singapore’s Rigel Capital and Indonesia’s Sinar Mas. The round also saw participation from existing investors and financial institutions.
With this fresh infusion of capital, AdOnMo, co-founded in 2017 by Sravanth Gajula and Sandeep Bommireddi, plans to expand its operations to 40 Indian cities, up from its current presence in 24. Additionally, the startup aims to increase its number of hyperlocal, data-driven digital displays from 50,000 to 1 lakh, bolstering its ability to deliver targeted, real-time outdoor advertising solutions to brands.
In an exclusive conversation with Inc42, co-founder Sravanth Gajula shared the company’s vision following the fundraiser: “We are poised to engage over 30 million urban consumers, delivering exceptional value and amplifying brand impact for our advertisers.”
AdOnMo’s post-money valuation now stands at $123 million, marking a significant milestone for the startup. The company provides out-of-home (OOH) advertising solutions using cloud-connected digital screens, allowing advertisers to create highly targeted campaigns with precision targeting, measurable ROI, and seamless offline-online integration.
The startup’s proprietary infrastructure includes advanced features such as dynamic creative optimisation, social media-driven ad triggers, and QR/NFC-powered interactions to enhance audience engagement. These innovations enable brands to reach specific consumer groups with real-time, location-based advertisements.
This isn’t AdOnMo’s first significant funding round. In its Series B round, the startup raised $15 million from foodtech giant Zomato, which acquired a 19.8% stake in the company. Zomato aimed to leverage AdOnMo’s platform to boost its food ordering and delivery business through targeted digital advertising. Other investors in AdOnMo include Bace Capital, Astarc Ventures, and Mumbai Angel Network.
With this latest fundraiser, AdOnMo is set to accelerate its growth, increasing its reach across India and further enhancing its digital advertising capabilities. The startup is well-positioned to capitalize on the rising demand for hyperlocal, data-driven marketing solutions in the rapidly growing Indian market.
