VAMA secured $1.5 million in a top-up to its seed funding round

VAMA, a virtual spirituality startup, recently secured $1.5 million (INR 12.5 Cr) in a top-up to its seed funding round, led by Wavemaker Partners. Other contributors include Summit Media’s Lisa Gokongwei-Cheng and Tata Play’s Harit Nagpal, as well as micro venture capitalist investors like Blume Founders Fund, Alluvium, and Untitled VC, along with angel backers Burak Buyukdemir and Dhruv Bahl.

Founded in late 2020 by Aacharya Dev, Himanshu Semwal, and Manu Jain, VAMA has raised a total of $2.8 million in funding. The platform acts as a comprehensive hub, providing access to e-pujas, e-darshans, and astrology services for devotees across India. With tie-ups with over 250 temples, VAMA claims a network of over 300 astrologers.

The fresh capital will be utilized to onboard talent, enhance product development, and strengthen tech capabilities. VAMA aims to introduce new products and services to enhance user experiences.

Manu Jain, VAMA cofounder, expressed the company's commitment to meeting the spiritual needs of its user base and transforming the traditional offline mandir ecosystem into a digital realm.

Phuong Tran, Investment Principal at Wavemaker Partners, commended VAMA's ingenious approach, paving the way for an extraordinary venture that addresses users' spiritual needs.

The religious and spiritual market in India reached $54.1 billion in 2022, with a projected market value of $97.2 billion by 2028, exhibiting a growth rate (CAGR) of 10.32% during 2023-2028.

VAMA faces competition from AppsForBharat, Sri Mandir, Guruji, AstroBuddy, and AstroTalk in the evolving spiritual tech sector. Industry insiders suggest that startups in this space could potentially capture 10% of India’s expanding religious economy.

The Indian faith market, valued at $58.56 billion in 2023, includes a significant portion from religious/pilgrim tourism. Spiritual tech startups are reportedly generating over 70% of their revenue from users aged 25-35, driven by factors such as the UPI revolution, affordable internet, app culture, and enduring faith in India.