Spiritual tech startup AstroTalk on Monday announced that it has raised $20 million in a Series A round from Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies.
This is one of the largest funding rounds in the spiritual-tech industry in India, so far.
AstroTalk will use the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, the company said in a press release.
Last week, Entrackr exclusively reported about the upcoming funding round in AstroTalk.
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 boasts over 15,000 active astrologers and has served more than 4 crore users to date.
“Astrotalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations stand to be approximately 95% of our revenue with about 20% of the revenues coming from outside of India,” said Puneet Gupta, founder and CEO of Astrotalk in the release.
Currently, the company is building a strong leadership team to head new business verticals and is actively hiring. Additionally, it is planning an ESOP buyback to create wealth for its employees.
AstroTalk claims to clock an ARR of approximately Rs 800 crore in FY24 and a 100% year-on-year revenue growth in the last three years.
As per the company’s annual financial statement, it posted 146% growth in its revenue to Rs 283 crore in FY23 whereas its profits spiked 41.7% to Rs 8.5 crore. The firm also projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit.
It competes with GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi.
