Hyderabad-based out-of-home (OOH) advertising startup AdOnMo, announced that it has raised $3 Mn in a funding round led by Ant Financials’ BAce Capital. Astarc Ventures and Mumbai Angels Network also participated in the funding round.
AdOnMo plans to utilise the funds for product development and expand the team. The company is also looking to deepen its presence in India with the help of these funds. As of now, the company operates in Mumbai, Hyderabad, New Delhi and Bengaluru.
Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo aims to bring together the best of online and OOH advertising worlds, and envisions to empower brands, big or small, reach their target audience at scale, efficiently and effectively. Further, with its cutting-edge hyperlocal intelligence technology, AdOnMo bridges the gap between the online and offline advertising channels.
The startup is operational in four metros including Mumbai, Hyderabad, New Delhi, and Bengaluru.
Amazon, Honda, Exide, HDFC Bank, IKEA, Reliance Digital are some of the notable clients for AdOnMo currently. It further claims to be providing affordable solutions for small and medium-scale enterprises (SMEs) as well. The startup has so far run over 250 campaigns for these clients across India.
AdOnMo claims to use cabs as a medium for advertisement, where it mounts its taxi top devices that are designed to understand their surroundings, allowing the startup to advertise relevant content (for clients) based on the location (of the taxi) to reach the target audience.
According to a Dentsu Aegis Network report ‘Digital Advertising In India 2020’, the digital ads market in India is expected to stand at INR 17,377 Cr in 2020, a 27% increase from the current number of INR 13,683 Cr. The report estimates that OOH advertising has seen a growth of 9% from 2018 to 2019 and has a 6% share in the overall advertising industry in India. The report also said that the growing trend in the digital OOH space focusses on capturing relevant data to minimise human intervention in buying the advertised product or service, which is one of the core propositions of AdOnMo.
Speaking about the investment, Sandeep Bommireddi, Co-Founder of AdOnMo, said, “We are delighted to have Alibaba-backed BAce Capital for our Pre-Series investment. Its long-term view and portfolio of investments in early-stage startups will provide many synergistic opportunities as we expand our operations to other geographies within the rapidly growing media-tech industry.”
Sravanth Gajula, Co-Founder of AdOnMo, said, “We wanted to take a radically different approach to the problems in the advertising industry. 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.”
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