AdOnMo, a contextually targeted digital Out-of-Home (OOH) advertising company has raised a pre-series round of $3 million led by Ant Financial’s BAce Capital.

Alibaba and Ant Financial-backed BAce Capital invested in AdOnMo, amongst other investors, including Astarc Ventures and Mumbai Angels Network.

AdOnMo, which brings together both online advertising and outdoor advertising, will leverage the funds to expand its operations in the Indian market further. Currently, the start-up is operational in Hyderabad, Mumbai, New Delhi and Bengaluru. The funds will also be utilised for product development, building upon the existing team and acquiring talent, a press release said.

BAce Capital is an affiliate of Alibaba and fintech giant Ant Financial. BAce Capital’s investment in AdOnMo is a part of its plan to deploy more than 60 per cent of the $150-million India-Southeast Asia corpus in early-stage companies in India. BAce Capital and team has invested in other Indian startups such as Paytm, Zomato, Bigbasket Rapido, Healofy, Qyuki, Room me, amongst others.

Founded in 2017 by Sandeep Bommireddi and Sravanth Gajula, AdOnMo wants to build the Google Ads of OOH advertising. The startup envisions to empower brands, big or small, reach their target audience at scale, efficiently and effectively.

Leading brands such as Amazon, Honda, EXIDE, HDFC Bank, IKEA, Reliance Digital, amongst others, are its customers. The startup also brings in affordable solutions for small and medium-scale enterprises as well, he said.

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