New Delhi, February 12: Spiritual tech startup Astrotalk on Monday said it has raised $20 million in a Series A round led by Left Lane Capital, a US-based venture capital firm. Astrotalk said it will use the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles.
Founded in 2017 by Puneet Gupta and Anmol Jain, Astrotalk connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The platform with over 15,000 active astrologers has served more than 4 crore users to date, it said in a statement. Google Announces ‘USD 26.98 Million’ Funding To Boost Artificial Intelligence Training and Skills for People Across Europe.
“One-on-one consultations stand to be approximately 95 per cent of our revenue with about 20 per cent of the revenues coming from outside of India,” said Puneet Gupta, founder and CEO, Astrotalk. “Our aim is to take India's ancient Vedic sciences across the globe, and our partnership with Left Lane marks the beginning of this journey,” he added.
The company will also use the raised amount to further develop its devotion offerings, as well as expand to and localise its operations in South India, which presents a large market opportunity. “Astrotalk grew, in a bootstrapped fashion, to the undisputed local market leader for digital astrology practice in India, the birthplace of the practice; we are highly confident in their abilities to achieve similar success on a global playing field,” said Harley Miller, CEO and Managing Partner of Left Lane Capital. UPI Payment Services Launched in Sri Lanka, Mauritius During Virtual Ceremony Attended by PM Narendra Modi and Leaders of Two Islands.
The employee headcount, currently at 200, is expected to significantly increase with the new funding round, said Astrotalk. Additionally, the company is planning an ESOP buyback to create wealth for its employees. Astrotalk registered an annual recurring revenue (ARR) of approximately Rs 800 crore in 2023-24 and more than a 100+ per cent (year-on-year) revenue growth in the last three years.
(The above story first appeared on LatestLY on Feb 12, 2024 03:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).