Tuesday, July 23, 2024

Astrotalk Raises $9.5M in Series A Extension Funding

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Astrotalk, an on-demand spiritual tech startup, has raised $9.5 million in an extension of its Series A funding round. This new funding values the startup at $300 million post-money. The round was led by existing investors Left Lane Capital, a New York-based venture capital firm, and Elev8 Capital.

Details of the Funding Round

The board at Astrotalk approved a special resolution to issue 5,067 compulsory convertible preference shares, raising Rs 78.3 crore or $9.5 million. According to regulatory filings cited by Entrackr, Left Lane Capital contributed Rs 58.3 crore, while Elev8 Capital added Rs 20 crore. This funding is part of a larger round, as Astrotalk is reportedly in discussions to raise an additional $30 million. This comes nearly four months after Astrotalk raised $20 million in its initial Series A round, also led by Left Lane Capital.

About Astrotalk

Founded in 2017 by Puneet Gupta and Anmol Jain, Astrotalk is a global marketplace that connects consumers with astrologers for horoscope readings, birth chart analysis, live prayers, and more. The startup’s business model is primarily based on revenue from consultations. Users pay per minute to talk to astrologers, which accounts for 90% of the company’s revenue.

Astrotalk Brand Logo

Financial Performance and Growth

Astrotalk has seen significant financial growth. In FY23, the company’s revenue grew by 146% to reach Rs 283 crore, and its profits increased by 41.7% to Rs 8.5 crore. The platform boasts 13,000 professionals offering services in astrology, tarot reading, numerology, and Vastu. Astrotalk projects to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit.

Future Projections

Astrotalk is on a path to significant growth, with plans to expand its services and reach. The additional funding will likely support these expansion efforts, helping the company to scale and enhance its offerings.

This recent funding round demonstrates strong investor confidence in Astrotalk’s business model and growth potential, positioning it well in the competitive spiritual tech market. By connecting users with a wide range of spiritual advisors, Astrotalk continues to grow its user base and revenue streams, solidifying its position as a leader in the industry.

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