Ad-tech startup Adonmo, which touts itself as India’s first contextually-targeted digital out-of-home (OOH) advertising company, has raised $3 million in a new funding round from Alibaba backed Bace capital and others.
The investment in the company comes from Alibaba’s Ant Financial-backed Bace Capital as well as Astarc Ventures and Mumbai Angels Network. The funding will be used by the company to expand its operations, acquire talent and to accelerate product development.
Sravanth Gajula, Co-Founder of AdOnMo, said: “We have invested and would continue to invest heavily in technology advancements and make the media-tech space not just accountable, but constantly evolving and contextual. Over two years of our growth journey, we have filed seven patents. We expect further growth through more IP and patents in upcoming quarters.”
The firm currently operates in Mumbai, Hyderabad, New Delhi and Bangalore. Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo aims to bring together the best of online and OOH advertising worlds. It envisions to empower brands reach their target audience at scale, efficiently and effectively.
It uses a combination of proprietary hardware and patented software to provide intelligent outdoor advertising solutions by mounting digital screens atop cabs and outdoor screens.
Currently, the startup counts brands such as Amazon, Honda, EXIDE, HDFC Bank, IKEA, and Reliance Digital, amongst others as its customers.
Bace Capital, which invested in this funding round of Adonmo, has also invested in several other Indian startups such as Paytm, Zomato, BigBasket, Rapido, Healofy, Qyuki, Room me, among others.