In a significant stride towards its expansion plans, adtech startup AdOnMo has successfully raised a substantial sum of INR 58.21 Cr ($6.99 Mn) in its latest Series B1 funding round. Backed by Zomato, this funding injection marks a pivotal moment for AdOnMo’s journey, positioning the company for further growth and innovation in the advertisement technology sector.
The recent development comes as AdOnMo’s board passed a special resolution, paving the way for issuing 36 equity shares and 4,156 Compulsorily Convertible Preference Shares (CCPS) at an issue price of INR 1,38,850 each. This strategic move has enabled AdOnMo to raise the substantial capital needed to fuel its expansion plans and amplify its presence in the market.
With the backing of Zomato, AdOnMo is poised to leverage this influx of funds to propel its business expansion initiatives. The infusion of INR 58 Cr will be instrumental in bolstering AdOnMo’s technological infrastructure, enhancing its advertising solutions, and broadening its reach across diverse market segments.
AdOnMo’s regulatory filing with the Registrar of Companies (RoC) underscores the transparency and adherence to regulatory norms in its fundraising endeavors. This filing not only reaffirms AdOnMo’s commitment to regulatory compliance but also instills confidence among investors and stakeholders regarding the company’s governance practices.
The successful closure of the Series B1 funding round signifies a vote of confidence from investors in AdOnMo’s business model and growth trajectory. It reflects the market’s recognition of AdOnMo’s potential to revolutionize the advertising landscape through its innovative and impactful solutions.
AdOnMo’s strategic utilization of the raised capital will be directed towards scaling its operations, ramping up its marketing efforts, and investing in research and development initiatives. By fortifying its core capabilities and expanding its product offerings, AdOnMo aims to solidify its position as a frontrunner in the adtech industry.
Moreover, the infusion of funds will enable AdOnMo to explore new market opportunities, forge strategic partnerships, and penetrate untapped segments with tailored advertising solutions. This proactive approach towards market expansion underscores AdOnMo’s commitment to driving value for its clients and stakeholders.
The backing of Zomato, a prominent player in the tech ecosystem, not only provides AdOnMo with financial support but also opens doors to synergistic collaborations and cross-platform integrations. This strategic partnership holds the potential to unlock new avenues for growth and innovation, creating mutually beneficial opportunities for both entities.
As AdOnMo embarks on the next phase of its growth journey, it remains steadfast in its mission to redefine the advertising landscape through creativity, technology, and customer-centricity. With a robust funding foundation in place, AdOnMo is poised to chart new territories, disrupt conventional norms, and emerge as a trailblazer in the realm of adtech.
In conclusion, AdOnMo’s successful fundraising endeavors underscore its resilience, vision, and commitment to driving sustainable growth. With the support of Zomato and other investors, AdOnMo is well-positioned to seize market opportunities, expand its footprint, and shape the future of advertising through innovation and excellence.
