Private Equity

VC Fund Investments

Ad-tech co AdOnMo raises $7-M from Kancherla family, Qatar Insurance, others

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Hyderabad-based ad-tech firm AdOnMo has raised INR 58.21 crore (around USD 7 million) in its Series B1 round. Healthcare veteran Ravindranath Kancherla and his son Kancherla Pruthvinath injected INR 16.6 crore while Qatar Insurance Company and ZNL Growth (Z Nation Lab) pumped in INR 8 crore and INR 1.80 crore, respectively. AdOnMo will issue 36 equity and 4,156 CCPS at an issue price of INR 1,38,850 each to raise INR 58.21 crore (USD 7 million).Individual investors including Manish Kailash Chhabra, Vindhya Guduru, Vikram Malhotra, Usha Reddy Chigarapalli, and Desireddy Srinivasa Reddy also invested in AdOnMo’s Series B round. The company will use these investments for business expansion and to meet working capital requirements. AdOnMo has been reportedly valued at around INR 858 crore (USD 105 million) post-money.During the current fiscal year, the company also raised INR 20 crore in debt from Northern Arc and Alteria Capital. Till now, the company has raised around USD 25 million across rounds including its USD 15 million Series A round led by Zomato last year. Before the latest round, Zomato was the largest external stakeholder with a 17.49% stake followed by BAce Capital and Astarc Ventures.Founded in 2016 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo provides targeted digital advertising to outdoor digital screens (residential & corporate parks) across 21 cities.