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India’s Spiritual Revolution Goes Digital

  •  3 min read
  • 0
  • 1d ago
India’s Spiritual Revolution Goes Digital

Unlike many Indians, Meera Sharma doesn’t consider herself deeply religious.

Yet, the 32-year-old marketing professional from Mumbai found herself participating in a virtual temple darshan last Diwali.

Instead of visiting a crowded temple, she logged into an app, attended a live-streamed pooja, and even had prasad delivered to her doorstep.

For Meera, it wasn’t just about convenience but staying connected to her roots in a fast-paced world.

Meera’s story isn’t unique.

Across India, faith and spirituality are finding a new expression - online.

With over 80% of Indians engaging in daily spiritual or religious practices, the demand for accessible and innovative solutions is surging.

This is well above the global average of 63%, highlighting India’s deeply rooted cultural and spiritual fabric.

The fusion of faith and technology, or FaithTech, is transforming how millions connect.

The Indian faith economy was valued at $58 billion in 2023 and is growing at a steady 10% CAGR.

More than 900 startups have popped up making it all more accessible.

Gone are the days when such practices were confined to temples and astrologers’ offices.

E-darshans and virtual poojas are now common.

Apps like VAMA recreate temple visits online, offering live kathas and rituals.

AppsForBharat takes it further, with virtual poojas starting at ₹891 and Ayodhya lamp-lighting ceremonies for just ₹101.

Millennials, aged 25-35, are leading this shift.

They account for 70% of the industry’s revenues, showing how faith and technology can coexist seamlessly.

Some startups are making waves not just in India but globally.

Take Astrotalk, India’s largest astrology platform with over 78 million customers.

Its success speaks for itself - FY24 revenues doubled to ₹651 crore, while net profits soared tenfold to ₹94 crore.

Now, it’s aiming even higher with plans to launch an IPO in 2025-2026, paving the way for its next phase of growth.

Or AppsForBharat, which saw revenues grow by 4X in FY24, leaping from ₹3.5 crore in FY23 to ₹18.5 crore in just a year.

All this growth hasn’t gone unnoticed.

Startups in this space raised $51 million in 2023, a sharp rise from just $5 million in 2022.

Government support has also been instrumental.

Through initiatives like the PRASHAD scheme, over $120 million has been invested in enhancing religious infrastructure.

With rapid smartphone adoption and the rise of super apps, the FaithTech ecosystem is scaling at an unprecedented pace.

Indian platforms are stepping up to compete with global giants, keeping spirituality relevant and easy to access.

This isn’t just about convenience.

For people like Meera, the industry offers a way to stay rooted in tradition while embracing modern life.

It transforms age-old practices into experiences that fit today’s fast-paced world.

As the digital and sacred intertwine, the industry is carving out a future where devotion adapts effortlessly to changing times.

Be it a live-streamed pooja or astrological advice on demand, this shift is creating a fresh path for how people connect with their faith across generations.

This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.

Unlike many Indians, Meera Sharma doesn’t consider herself deeply religious.

Yet, the 32-year-old marketing professional from Mumbai found herself participating in a virtual temple darshan last Diwali.

Instead of visiting a crowded temple, she logged into an app, attended a live-streamed pooja, and even had prasad delivered to her doorstep.

For Meera, it wasn’t just about convenience but staying connected to her roots in a fast-paced world.

Meera’s story isn’t unique.

Across India, faith and spirituality are finding a new expression - online.

With over 80% of Indians engaging in daily spiritual or religious practices, the demand for accessible and innovative solutions is surging.

This is well above the global average of 63%, highlighting India’s deeply rooted cultural and spiritual fabric.

The fusion of faith and technology, or FaithTech, is transforming how millions connect.

The Indian faith economy was valued at $58 billion in 2023 and is growing at a steady 10% CAGR.

More than 900 startups have popped up making it all more accessible.

Gone are the days when such practices were confined to temples and astrologers’ offices.

E-darshans and virtual poojas are now common.

Apps like VAMA recreate temple visits online, offering live kathas and rituals.

AppsForBharat takes it further, with virtual poojas starting at ₹891 and Ayodhya lamp-lighting ceremonies for just ₹101.

Millennials, aged 25-35, are leading this shift.

They account for 70% of the industry’s revenues, showing how faith and technology can coexist seamlessly.

Some startups are making waves not just in India but globally.

Take Astrotalk, India’s largest astrology platform with over 78 million customers.

Its success speaks for itself - FY24 revenues doubled to ₹651 crore, while net profits soared tenfold to ₹94 crore.

Now, it’s aiming even higher with plans to launch an IPO in 2025-2026, paving the way for its next phase of growth.

Or AppsForBharat, which saw revenues grow by 4X in FY24, leaping from ₹3.5 crore in FY23 to ₹18.5 crore in just a year.

All this growth hasn’t gone unnoticed.

Startups in this space raised $51 million in 2023, a sharp rise from just $5 million in 2022.

Government support has also been instrumental.

Through initiatives like the PRASHAD scheme, over $120 million has been invested in enhancing religious infrastructure.

With rapid smartphone adoption and the rise of super apps, the FaithTech ecosystem is scaling at an unprecedented pace.

Indian platforms are stepping up to compete with global giants, keeping spirituality relevant and easy to access.

This isn’t just about convenience.

For people like Meera, the industry offers a way to stay rooted in tradition while embracing modern life.

It transforms age-old practices into experiences that fit today’s fast-paced world.

As the digital and sacred intertwine, the industry is carving out a future where devotion adapts effortlessly to changing times.

Be it a live-streamed pooja or astrological advice on demand, this shift is creating a fresh path for how people connect with their faith across generations.

This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.

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