Marquee investors from ‘Hyderabad Angels’ lead funding in OnlinePrasad.com
The Chennai Angels (TCA) and individual angels are co-investing
OnlinePrasad.com will use investment for expanding the current scale of Prasad & Pooja offerings and promote Zevotion - their branded range of religious products
Bangalore, 14 October 2014: Bangalore based OnlinePrasad.com has raised undisclosed amount in an angel round led by Hyderabad Angels with participation from The Chennai Angels and individual Angel Investors. Marquee Investors from ‘Hyderabad Angels’ and ‘The Chennai Angels’ including Srini Koppolu (Ex-MD Microsoft India Development Center), Suresh Babu (Vice Chairman, Hyderabad Angels & CEO Suresh Productions), R Ramaraj (Co-Founder and CEO of Sify.com), and V Shankar (Founder, CAMS - Computer Age Management Services), are participating in the latest funding round of OnlinePrasad.com.
This latest funding underscores the potential of OnlinePrasad.com which has a network of around 50 temples across the country. Devotees are increasingly using their web and mobile platform to connect to their faith via a variety of Prasad and spiritual products offered by the company
OnlinePrasad will use this funding to primarily expand the current scale of its Prasad and Pooja offering, increase brand awareness and strengthen the team. With a well-established network of temples and range of premium rudrakshas, yantras and shaligrams under their Zevotion brand, the funding support is expected to propel the growth plans of the company both in revenue and volume terms.
In this festive season, the company is celebrating a JagmagDiwali week – to provide its customers with a wide range of carefully thought out Pooja and gift items.
Sasidhar Nandigam, Director at Hyderabad Angels said: “Trust between a customer and company is critical to the success of any business and nothing exemplifies this better than Online Prasad which has won the quintessential trust of millions of devotees by bringing God closer to them. The company has also created high entry barriers very early in the niche and rapidly growing spiritual e-commerce segment". Niraj Mital from Hyderabad Angels would join OnlinePrasad’s board representing the investor group and Sasidhar as a board observer.
Ramaraj said: “Chennai Angels is excited by the opportunity that Spirituality offers and finds in Goonjan a very committed entrepreneur”. He would join as a board observer.
“We are delighted that this latest funding will allow us to leverage the vast experience of technology industry pioneers. With their experience and guidance along with the support of our earlier investors, we believe that OnlinePrasad.com is on an exciting growth phase”, said Goonjan Mall, Founder and CEO.
OnlinePrasad was conceived in 2012 as the brainchild of Goonjan, who wanted to build a platform to connect devotees to their faith. The niche site focused on devotion and spirituality has already had seed funding from Growthstory.in, the entrepreneurship platform set up by K Ganesh and Meena Ganesh, and The Morpheus, the startup accelerator setup by Nandini Hiranniah and Sameer Guglani.
About Hyderabad Angels
Hyderabad Angels is established as a not for profit company that provides a vehicle for the introduction of individual angel investors to potential high growth companies. Hyderabad Angel Investors are successful entrepreneurs, senior management members and directors of corporate giants who bring deep sector knowledge and contacts to young growing companies. For more information visit http://hyderabadangels.in/
About The Chennai Angels
The Chennai Angels (TCA), formerly known as Chennai Entrepreneurship Trust Fund, was established in November 2007 with the objective of fostering Entrepreneurship with prime focus on nurturing and mentoring new generation entrepreneurs. Besides providing capital, TCA members act as mentors for the green horns venturing into the world of business. For more information, visit http://www.thechennaiangels.com/
Company media contact –
Founder and CEO, OnlinePrasad.com
Email – firstname.lastname@example.org
Download Press Release here - https://docs.google.com/document/d/159J3XTyFrnx8wKIBqF94S-PmyH99Rb9HQmdjyUaOAug/edit?usp=sharing