Social commerce startup Trell sells stake in AppsForBharat to Mirae Asset, MSA Novo

Beleaguered social commerce startup Trell has sold a nearly 10 percent stake in Bengaluru-based product studio company AppsForBharat in a secondary transaction. 

Seoul, South Korea-based venture capital firm Mirae Asset Venture Investment, also an investor in Trell, bought shares worth $8 million in AppsForBharat, while Singapore-headquartered MSA Novo — a multi-stage global technology fund — also purchased Trell’s shares in the company, sources in the know told YourStory. 

MSA Novo is also an investor in the likes of crypto investment app Flint and fintech startup Jar.

However, the size of the transaction is not known.

First reported by The Economic Times, in a separate report, Entrackr said AppsForBharat was also looking to raise $30 million in a fresh equity round. 

AppsForBharat builds apps catering to the spiritual and devotional needs of Indian users. It had raised $10 million in a Series A funding round led by Elevation Capital in September 2021. Earlier, the startup had raised $4 million from Sequoia and BEENEXT in August 2021. 

In March 2021, Trell invested in AppsForBharat in its seed round. Recently, the social commerce startup was in the news for employee lay-offs as talks for its recent round of funding fell through. The startup was valued at nearly $800 million in its last round of funding led by Amazon.

Founded in 2020 by former co-founder of Trell Prashant Sachan, AppsForBharat offers a range of mobile apps across spiritual, devotional, well-being and meditation-related tools, communities, and services. The startup's first product, SriMandir, helps devotees to create their personalised shrines and connect with prayer groups, among other services.