IANS | 12 Feb, 2024
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.
“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.
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.