AstroTalk, a digital astrology startup based in Noida, has reported a remarkable 1,000% increase in profit for the fiscal year ending March 2024. According to its financial statement filed with the Registrar of Companies (RoC), the company’s profits surged by 1,080%, reaching Rs 99.99 crore in FY24.
This impressive growth is largely driven by a significant rise in revenue from operations, which more than doubled, reaching Rs 651.12 crore, compared to Rs 283.32 crore in FY23. The surge in profits reflects both the expanding customer base and the growing popularity of astrology services.
Revenue Breakdown: Domestic and International Success
AstroTalk’s revenue growth came from both Indian and international markets. The company’s income from Indian operations doubled, reaching Rs 529.6 crore in FY24. Meanwhile, revenue from international markets grew even more, increasing by 4.2 times to Rs 121.44 crore. This highlights the growing global demand for astrology services.
AstroTalk also generated Rs 8 crore from interest income, bringing its total revenue for FY24 to Rs 659 crore. The expansion into international markets has played a key role in boosting the company’s overall revenue.
Rising Expenses Alongside Growth
While AstroTalk’s revenue and profits soared, the company also saw a rise in its expenses. The total expenses increased by 97.9%, reaching Rs 531 crore in FY24. One of the main contributors to this increase was employee benefit expenses, which rose by 28.29% to Rs 29.61 crore, making up 5.5% of the total expenses.
Advertising and promotional costs surged by 116%, reaching Rs 162.68 crore, as the company worked to expand its market presence. However, the biggest expense for AstroTalk was legal and professional fees, which made up 60% of total costs. These expenses rose by 103% to Rs 319 crore. Other expenses included finance, software, and website maintenance.
Funding and Investor Backing
AstroTalk raised $9.5 million in an extension of its Series A funding round in June 2024. This extended round brought the startup’s post-money valuation to $300 million. The funding round was led by Left Lane Capital, a New York-based venture capital firm that invests in high-growth technology companies, and Elev8 Capital.
Earlier in February 2024, AstroTalk had already raised $20 million in the first part of its Series A funding round, also led by Left Lane Capital. The backing from these investors highlights the growing confidence in AstroTalk’s business model and its potential for future growth.
About AstroTalk
Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk is an online platform that connects people with astrologers for horoscope readings, birth chart analysis, live prayers, and other astrology services. The platform has gained significant traction, not only in India but also in global markets, making it one of the top players in the digital astrology space.
