Spiritual Tech Economy: "Sri Mandir Dominates India's Devotional Sector"
In an era where technology permeates every aspect of our lives, religious institutions are not immune to its transformative power. Sri Mandir under AppsforBharat is a pioneering venture at the forefront of this evolution, leveraging technology to redefine spiritual experiences. Prashant Sachan, Founder, AppsForBharat shares insights into the intersection of religion and technology, highlighting the innovative strides being made.
Sachan emphasises the significance of the paradigm shift and states, "Technology has the potential to deepen spiritual connections and make religious practices more accessible to a wider audience." This sentiment underscores the core mission of Sri Mandir and AppsforBharat, which prioritises inclusivity and convenience in religious endeavours.
In September 2021, AppsForBharat raised USD 10 million in Series A funding led by Elevation Capital, with participation from Sequoia Capital India, BEENEXT, and Matrix Partners India.
Leading angels, including Tiger Global's Scott Schleifer and DST Global's Saurabh Gupta, also joined the round. This funding round followed a USD 4 million seed funding secured just four months earlier from Sequoia Capital India, BEENEXT, and WEH Ventures.
Founded in the previous year, AppsForBharat is a product studio focused on digitising spiritual and devotional experiences. Their platform aims to transition offline practices such as daily prayers, event planning with almanacs, and scripture reading to digital realms, fostering new digital habits.
Sri Mandir, AppsForBharat are the largest players that stand at the forefront and lead the devotional sector within the expansive spiritual economy in India. According to Sachan, it is not only the most funded but also the predominant player in this domain.
The SriMandir App, with a user base of over three crore, collaborates with around 40 temples nationwide, providing users with a personalised virtual experience
Spiritual Tech: Opportunities and Potential
In this landscape, the faith tech sector emerges as a fertile ground for innovation and expansion. With a myriad of opportunities awaiting exploration, from delivering trusted information to facilitating access to sacred sites and enhancing spiritual journeys, the sector beckons multiple players to enter and contribute. As technology continues to evolve, the scope for addressing diverse spiritual and devotional needs will only widen, promising a dynamic and thriving ecosystem for both entrepreneurs and devotees alike. Moreover, Sachan shares his observations on what potential the sector holds.
1. The faith tech sector offers extensive opportunities for catering to individuals' spiritual and devotional needs, including trusted information delivery, temple access facilitation, spiritual tourism, and home-based devotional services.
2. There is a significant demand for facilitating access to temples, their services, and pilgrimages. Many devotees aspire to visit these sacred sites at least once in their lifetime, highlighting the importance of reliable and transparent access to these locations throughout the year.
3. Another critical aspect is the facilitation of spiritual tourism. As people seek to embark on journeys that are not only physically but also spiritually enriching, the need for comprehensive services that enable such experiences becomes evident.
Apps In Action
At the heart of this evolution is the utilisation of mobile applications which serve as digital gateways to religious experiences. Sachan elucidates, "Apps such as Sri Mandir and AppsforBharat offer a comprehensive platform for devotees to engage in rituals, access scriptures and connect with their faith community from anywhere at any time." These apps empower users to seamlessly integrate spirituality into their daily lives, transcending geographical boundaries.
Founder Prashant Sachan shares a Texas-based young woman's real-life experience with Sri Mandir. Highlighting frequent engagements for specific pujas on special occasions, her story resonates with numerous other customers, reflecting the platform's commitment to personalised and recurrent spiritual services.
This innovation democratises access to revered religious destinations, catering to individuals who may be unable to undertake physical journeys.
Building Digital Ecosystem For Temples
Similarly, AppsforBharat is spearheading the digitisation of religious ceremonies and traditions. Sachan says, "The app's user-friendly interface facilitates personalised puja bookings, virtual attendance at religious events, and real-time access to religious discourses."
In addition to enhancing accessibility, technology is facilitating charitable initiatives within religious communities.
Technology Integration Wave
Despite the myriad benefits of religious tech, Sachan acknowledges the importance of ethical considerations and safeguarding user privacy. "Maintaining transparency and data security is paramount," he asserts. AppsforBharat prioritises ethical practices, adhering to stringent privacy policies and data protection measures to uphold user trust and integrity.
Looking ahead, Sachan envisions a continued convergence of religion and technology, with innovations that foster deeper spiritual connections and foster community cohesion. "The evolution of religious tech is an ongoing journey," he reflects.
Elevation Capital, Partner, Mayank Khanduja states, “This is a clear sign that users are moving their behaviour online and thus we are very excited about this space. We believe that over the next two to three years platforms such as Sri Mandir that offer a holistic experience across daily prayer, music, offerings at famous temples, astrology etc will garner a very large and loyal user base that will move their devotional spends online.”
The transformative impact of technology on religious practices is undeniable, with AppsforBharat leading the charge towards a more connected and inclusive spiritual landscape. As society embraces the opportunities afforded by spiritualtech, it is essential to prioritise ethical considerations and ensure that technology remains a tool for fostering unity, compassion and enlightenment.
Evolving Devotional Ecosystem
“Faith and spirituality cut across demographics in India with large spend pool of ~USD 30-40 billion annually in areas like temple offerings, rituals and donations,” reveals Mayank Khanduja, Partner, Elevation Capital.
Furthermore, explaining the state of the segment he says, “There is a large Indian diaspora that wants to stay connected with their religious roots and is willing to spend on the same. While it has been entirely offline in the past, we can see that faith-related content has become a top category on mainstream platforms such as Youtube, Facebook, WhatsApp and Sharechat.”
Sri Mandir’s Sachan is eager to support innovative startups in the sector as an angel investor, recognising the ecosystem's vast potential for growth and expansion.
