Sunday, July 14, 2024

Atlys in Talks to Raise Up to $18M in Funding: Report

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Traveltech startup Atlys is reportedly in discussions to raise $18M in a Series B funding round. This round involves existing investor Peak XV Partners and other potential backers. The goal of this funding initiative is to strengthen Atlys’s position in the visa processing industry. The target valuation for this round is nearly $70 million. These discussions are still in the early stages, with finalization expected within the next two months.

Notable Investors Backing Atlys

Atlys has already received funding from notable investors, including Andreessen Horowitz, Elevation Capital, and South Park Commons. In its previous Series A funding round held in September last year, Atlys raised $12 million, co-led by Elevation Capital and Peak XV Partners. The capital from that round was used to improve the company’s technological infrastructure, diversify its product offerings, and expand its team. Now the company is looking for $18M funding in next round.

Atlys’s Background and Achievements

Founded in 2020 by former Pinterest engineer Mohak Nahta, Atlys has quickly become a leading online visa platform. Since its inception, Atlys has processed over 500,000 visas and facilitated e-visa applications for over 100 countries. The startup’s mission is to make visa processing more efficient and transparent for travelers.

Enhancing the Visa Application Process

Atlys has prioritized timely visa delivery for applicants, using advanced technology to offer precise timelines for visa arrivals. This transparency and efficiency are key to the startup’s success. Users can apply for a visa in under three minutes, which significantly improves speed and convenience compared to traditional methods.

Future Plans with New Funding

The new funding round aims to further enhance Atlys’s technological capabilities and expand its reach in the visa processing market. With the anticipated capital, Atlys plans to continue improving its platform, offering faster and more reliable services for its users. This strategic initiative is expected to solidify Atlys’s position as a leader in the travel tech industry.

Recently, Atlys introduced a refund feature that provides financial security to users in the event of visa rejection, further underlining its commitment to user satisfaction.

Atlys’s ongoing discussions to raise up to $18 million in funding signify a major step forward in its mission to revolutionize the visa processing industry. With strong backing from notable investors and a solid foundation of technological innovation, Atlys is well-positioned for continued growth and success. The expected boost in capital will enable the startup to enhance its offerings and expand its impact in the global travel market.

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