He was referring to the Indian government’s November 2016 demonetisation of high-value currency notes, which triggered a surge in usage for firms like Paytm, marking a significant shift towards digital payments in India.
In the context of the Ram Mandir inauguration in Ayodhya on Monday, Jain said there has been a 35% increase in organic searches on Vama this month, with a growing number of people seeking pujas.
India’s burgeoning segment of religious and spiritual apps, which has seen investors including Peak XV Partners, Elevation Capital, Titan Capital and India Quotient backing startups in the last few years, is expected to get a boost from the Ram Mandir inauguration, multiple founders and investors in the space told ET.
Amidst the sea of devotees that are expected to be drawn to Ayodhya following the inauguration, several spiritual and astrology platforms are actively participating in the event, while witnessing a growth in demand for their products and services.
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“While we see a huge surge in spirituality searches for the Ram Mandir, people in general are more curious about the space and the sector,” Jain said. Vama has raised funds from investors such as Wavemaker Partners, and several angel investors including Cred founder Kunal Shah, Mamaearth cofounder Varun Alagh and Tata Play MD & CEO Harit Nagpal.
Additionally, quick commerce platforms such as BigBasket’s BB Now, Zepto, Blinkit and Swiggy Instamart are also pushing sales of products needed for religious ceremonies such as lamps, flowers, incense sticks, coconuts and sweets on their apps by creating a different category of these items.
Notably, on Friday, Amazon India was served a notice by the Central Consumer Protection Authority (CCPA) for allegedly listing on its ecommerce marketplace food products falsely claiming to be from Ram Mandir in Ayodhya.
Titan Capital-backed devotional platform DevDham (formerly DevDarshan) that raised Rs 6 crore earlier this month, saw a 30-35% rise in daily engagement on its mobile app. The startup has partnered with more than 500 temples across India.
“Enthusiasm for the inauguration is so high that individuals from even remote areas of the country are contacting us to make offerings. Social media is flooded with discussions about the Ram Mandir inauguration, leading to increased awareness among people. We believe that there will be a growing interest in people for using the digital platform, which will give them access to participate in pujas at various temples across India,” said Pranav Kapoor, cofounder of Noida-based DevDham.
Growing market
Investors believe that the inauguration of the Ram Mandir might prove to be a shot in the arm for a segment, which is in the midst of an uptick in business.
“People are already spending money on religion. This sector used to be somewhat taboo among educated founders and investors. That is no longer the case. Given that consumers are inclined to shift their efforts and money towards online options, and quality founders are entering this space, this trend will work well,” said Anand Lunia, founding partner, India Quotient, which has backed UtsavApp – a Kolkata-based startup. “We were bullish on the sector even before the announcement of the Ram Mandir”.
Prashant Sachan, founder of Peak XV and Elevation Capital-backed AppsForBharat said the majority of engagement is now centred around the digital Ram Mandir on the platform. AppsForBharat’s first application, SriMandir serves as a virtual platform for devotees to create their shrines, connect with prayer groups, and access devotional contents like spiritual texts, scriptures, and videos.
The startup, founded in 2020, has raised $14 million in funding so far, as per Tracxn data.
“People showering digital flowers have increased roughly 10-12x of what the previous volume was. The number of digital aarti that people can do has gone up five times more on that specific shrine. The number of shares on the platform with respect to some of the content has roughly increased four to five times,” Sachan said.