India News Get -BusinessSmartphones Bring Digital Boom to Hindu Faith, Investments in Religious Startups Grow 10x in 1 Year, From Darshan to Online Puja
Khushboo (name changed), of Indian origin, is in Dubai these days and has been associated with the ‘Shri Mandir’ app for the past two months. On the advice of an astrologer on the app, he held virtual pujas at temples across India. This app is available for Rs 891. It allows devotees from India or abroad to perform a virtual puja at any temple. Rs 101 on the Vama app. There is a lamp donation service in Ayodhya.
These faith-based apps add a new dimension to the startup landscape in India. Their goal is to attract more than 110 million Hindus living around the world, including India. Manu Jain, co-founder of Vama, says: “The rise of these services is a result of the rapid proliferation of smartphones. Yet Christian and Muslim religious startups are far ahead in terms of statistics.
“You Version Bible” application providing religious services to Christians has 725 million downloads and “Muslim Pro” has 100 million downloads. Hindu startups still have a long way to go to compete with these super apps. Hindu startups have the opportunity to offer the opportunity to worship gods and goddesses. They therefore have the power to bring a great wave of faith.
The basis of this economic model is a deep and growing religiosity. According to a 2023 survey by pollster Gallup, 80% of Indians consider religion to be an important part of life. The overall figure is 63%.
According to research firm IMARC, India’s religious market is estimated at around Rs 5 lakh crore per year (equivalent to 1.7% of GDP). This figure is expected to more than double by 2032. Therefore, these startups do not view the deal as a loss.
These numbers are also important…
Religious tourism is growing rapidly. An estimated 5 million devotees will visit the Ayodhya Ram temple this year. In 2023, 60% of domestic tourism will come from visiting religious places. Spending on religious travel is expected to quadruple over the next decade.
1,000 startups help for religious purposes
According to data provider Traxon, there are around 1,000 faith-based Indian startups in the country. They provide services such as puja over phone, on-screen flower offering to devotional music and personalized horoscope matching, in addition to access to religious services.