On Monday, spiritual technology startup AstroTalk revealed that it has successfully secured $20 million in a Series A funding round led by Left Lane Capital, a venture capital firm based in New York that specializes in high-growth consumer and internet technology ventures.
This marks one of the most substantial funding rounds in India’s spiritual tech sector to date.
AstroTalk intends to deploy the funds for strategic acquisitions aimed at international market expansion, the consolidation of new business verticals, and the recruitment of senior leadership positions, as outlined in a press release.Entrackr had previously reported exclusively on the anticipated funding round for AstroTalk last week.
Established in 2017 by Puneet Gupta and Anmol Jain, AstroTalk connects users with astrologers for services such as horoscope readings, birth chart analysis, live prayers, and more. The platform boasts a network of over 15,000 active astrologers and has catered to over 4 crore users thus far.
Puneet Gupta, the founder and CEO of AstroTalk, emphasized the company’s global aspirations, stating, “AstroTalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations constitute approximately 95% of our revenue, with about 20% of revenues originating from outside of India.”The company is actively building a robust leadership team for new business verticals and is in the process of significant recruitment. Furthermore, AstroTalk is planning an Employee Stock Ownership Plan (ESOP) buyback to generate wealth for its workforce.
AstroTalk claims to have achieved an Annual Recurring Revenue (ARR) of around Rs 800 crore in FY24, experiencing a remarkable 100% year-on-year revenue growth over the last three years.
According to the company’s annual financial statement, it reported a 146% growth in revenue to Rs 283 crore in FY23, with profits soaring by 41.7% to Rs 8.5 crore. AstroTalk envisions concluding FY24 with Rs 650 crore in revenue and Rs 100 crore in profit.The company faces competition from GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi.
Source : Entracker
