Mumbai: Social media platform Explurger has announced that it has raised an investment of $ 4.5 million (Rs 37.3 Cr) in a series-A funding led by Affle (India) Limited (“Affle”) at a pre-money valuation of about $ 40 million (Rs 338 Cr). With this investment, Affle (India) Limited will hold a 9.03 per cent stake (on a fully diluted basis) of Explurger, which has already shown a robust potential and interest from global investors.
Launched in 2021 in India, Explurger has already garnered more than 8.5 million users across 75+ countries. Pioneering the field as the only “Gamified” AI-powered vertical consumer-tech social media platform for travelers, Explurger is listed by Google as one of ‘10 Most Innovative Apps Making Mark in India and Beyond’. With an AI-centered social media format, the app differentiates itself with features such as Automatic Travelogue, Rewards and Bucket List to cater to the distinctive needs of travelers and explorers. The company expects to target the growing social media users in India and the world, amidst a renewed interest in the travel segment in the post-pandemic world.
The travel and tourism industry continues to be on the rise, with a projected contribution of about 8.4% to the Global GDP in 2023 (WTTC) and projected contribution of about 5.4% to India’s GDP in 2023 (WTTC) with an estimated 124% increase for the following decade, it is clear that the niche premise of the app signals brighter horizons.
Speaking about the investment, Explurger founder & CEO Jitin Bhatia, said, “We're thrilled to welcome Affle on our cap table as part of Series-A funding round. Affle is already a leading name known for their tech innovations and R&D, and with them as an investor, it validates our vision to build a social media platform of the future that goes beyond likes and shares, and truly builds a global connected community using the advancements of AI. We look forward to the next phase of our growth story and are grateful for the confidence shown in us by the team at Affle.”
