Adrian J Cotterill, Editor-in-Chief
AdOnMo has raised $25 million in a funding round led by Singapore-based venture capital firm Rigel Capital and Indonesia’s Sinar Mas. This new investment adds to the $15 million the Hyderabad-based company secured from Zomato in its Series B round back in January 2022, during which Zomato acquired approximately 19.8% of AdOnMo.
The statement said that AdOnMo plans to use the new funding to enhance its operations by expanding its footprint to 40 cities across India, up from the current 24. This growth strategy aims to strengthen its advertising solutions in the country, allowing more brands to leverage its services. Additionally, the startup aims to double its network of digital displays from 50,000 to 100,000.
AdOnMo was founded in 2017 by brothers Sravanth and Sandeep Bommireddi.
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