Zomato-backed AdOnMo raises $25 million in funding: Here’s what it plans to do

Hyderabad-based adtech startup AdOnMo has raised $25 million (approximately Rs 209 crore) in a funding round led by Singapore-based venture capital firm Rigel Capital and Indonesia-based Sinar Mas.

Several existing investors and financial institutions also participated in this round, supporting the company's expansion plans. 

Prior to this round, the startup raised $7 million in a Series B round in March 2024 at a valuation of $105 million. 

Aiming for presence expansion

AdOnMo plans to use the funds to scale its operations, with a primary focus on expanding its presence from 24 to 40 cities across India. The startup aims to increase the number of its hyperlocal, data-driven digital advertising displays from 50,000 to 100,000 screens.

"With this fundraise, we are poised to engage over 30 million urban consumers, delivering exceptional value and amplifying brand impact for our advertisers," said Sravanth Gajula, Co-founder of AdOnMo.

What does AdOnMo do?

Founded in 2017 by Sravanth Gajula and Sandeep Bommireddi, AdOnMo provides innovative outdoor advertising solutions, utilizing cloud-connected digital screens. The startup's infrastructure allows for real-time, targeted advertisements, offering features like dynamic creative optimization, social media-driven ad triggers, and QR/NFC-powered interactions.

These capabilities enable advertisers to run highly personalized campaigns, enhancing audience engagement and ensuring a measurable return on investment (ROI) through seamless integration between offline and online channels.

Zomato’s investment in AdOnMo

Deepinder Goyal-led foodtech giant Zomato has played a key role in AdOnMo’s journey, having invested $15 million in the startup’s Series B funding round in early 2022.

The company acquired a 19.8% stake in the Hyderabad-based startup, recognizing the potential of its digital out-of-home (DOOH) advertising platform to help businesses, including Zomato itself, leverage new digital customer acquisition methods. 

Rigel Capital's founding partner Sebastian Togelang said, "Their (AdOnMo) focus on hyperlocal intelligence and advanced technological infrastructure aligns seamlessly with our cross-border synergy creation strategy. We look forward to supporting AdOnMo as it continues to disrupt and lead the Indian DOOH advertising market."