<article>Muslimapp, an Indonesia-based prayer application, is in talks with potential investors to raise a pre-Series A funding round of $1 million, according to its CEO.</article>

Muslimapp, an Indonesia-based prayer application, is in talks with potential investors to raise a pre-Series A funding round of $1 million, according to its CEO.
The funding, which is expected to be closed by the end of this year, will be raised in exchange for 20 per cent stake in the company, said Nurana Indah Paramita, founder of Muslimapp.
She adds that the company is currently engaged in talks with up to five potential investors from Indonesia and abroad for the deal.
The deal would come less than a year after the startup&#8217;s seed funding round, in which it raised $500,000 from local accelerator pedals.id.
Founded in March 2018, Muslimapp claims to be the most complete application to facilitate Muslims in daily worship. Its features include a digital Quran, Qibla (the direction of prayer) and Adzan (call to prayer). It has also developed a new feature that assists Muslims with their religious practice of Qurban (annual sacrifice) and Aqiqah (sacrifice to celebrate childbirth).
Nurana said that the new capital raised will be used for market expansion and enhancement of its app, which has already recorded 140,000 downloads in less than six months.
By the end of next year, the startup targets to have its Qurban and Aqiqah features operated all across Indonesia and also start to expand to Southeast Asia.
Muslimapp is one of many emerging startups looking to serve the large Muslim market in the country.
Its aim to become the market leading Muslim prayer app pits it against Muslim Pro, developed by Singapore’s Bitsmedia Holdings.
Having notched up 45 million downloads, more than 10 million monthly average users, Muslim Pro was acquired in 2017 by private equity firm CMIA Capital Partners and Malaysian fund manager Affin Hwang Asset Management. The size of the deal was not officially disclosed but reports suggest it was in the eight-digit US dollar range, for an 85 to 95 per cent stake.
Following the acquisition, Bitsmedia which is claimed to be profitable business, said it plans to explore business partnerships with other organizations and digital businesses and expand into new verticals.
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Muslimapp, an Indonesia-based prayer application, is in talks with potential investors to raise a pre-Series A funding round of $1 million, according to its CEO.

Indonesian startup Muslimapp in talks to raise $1m pre-Series A funding round

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Indonesian startup Muslimapp in talks to raise $1m pre-Series A funding round

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