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Spiritual tech startups go global as demand for virtual services soars
- Increased demand for virtual spiritual practices has led to growing interest in these services' funding and investing.
- Apps that enable users to practice virtual rituals, view temples and connect with astrologers are particularly popular.
- Astrotalk and AppsForBharat are growth companies that are seeking international expansion.
- The global market is seen as a lucrative area of growth, particularly given the trend for high-value prices paid by US consumers.
- Astrology is a $15bn offline market and investors believe it may be a safe and profitable option, since there is no need for in-person interaction.
- Nandan Nilekani's investment fund Fundamentum was one of many that invested $18m in devotion tech start-up AppsForBharat.
- AppsForBharat's revenue grew 4x to reach Rs18.5 crore ($2.5m) in FY24.
- AppsForBharat charges a 30% premium to clients outside of India.
- Astrotalk is aiming to achieve sixfold revenue growth in the coming years from international services.
- Revenue growth has led to increased profits, but not all companies in the devotion tech sector have attracted high-level funding.
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