Alibaba-backed BAce Capital leads $3m round in Indian ad startup AdOnMo

Sravanth Gajula (left), co-founder of AdOnMo and Sandeep Bommireddi (right), co-founder of AdOnMo. Source: AdOnMo

Indian digital out-of-home (OOH) advertising startup AdOnMo has raised $3 million in a new funding round led by BAce Capital, an India and Southeast Asia-focused fund backed by Alibaba Group and Ant Financial.

India-based early-stage venture capital fund Astarc Ventures, and Mumbai Angels Network, an Indian platform that connects startups with entrepreneurs and investors, also poured money into the new round, according to a company statement on Thursday.

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