Chennai, 12 February 2024 – Astrotalk, the spiritual tech startup founded in 2017 by Puneet Gupta and Anmol Jain, has successfully raised $20 million in Series A funding from New York-based venture capital firm Left Lane Capital. The total funding for the startup now stands at approximately Rs 166 crore.
Astrotalk Background:
Astrotalk operates as a global marketplace connecting users with over 15,000 active astrologers for services such as horoscope readings, birth chart analysis, and live prayers. With a user base exceeding four crore, the platform has become a significant player in the spiritual tech space.
The recent funding infusion is earmarked for strategic acquisitions and global expansion plans. Astrotalk expresses keen interest in the devotional segment, actively exploring potential companies for acquisition. Additionally, the startup plans to introduce a range of services centred around devotion in the coming months.
Founder and CEO Puneet Gupta highlighted the platform’s current Annual Recurring Revenue (ARR) of approximately Rs 750 crore, affirming profitability. The company anticipates closing the fiscal year with a profit of Rs 125 crore. Astrotalk aims to achieve a revenue doubling in the next financial year, with an ambitious 35% of revenue originating from international markets.
The startup’s strong focus on one-on-one consultations is evident, constituting about 95% of its revenue. With a 20% revenue share from outside India, Astrotalk has set its sights on global expansion, particularly in the US, Canada, the UK, and the Middle East. The company is also gearing up for localized operations in South India.
The recent funding round is expected to boost the current headcount of 200 employees, and the company plans an Employee Stock Ownership Plan (ESOP) buyback to further incentivize its workforce.
Conclusion and Impact:
Astrotalk’s successful Series A funding not only fortifies its position in the spiritual tech market but also sets the stage for robust global expansion and strategic acquisitions. With profitability and ambitious revenue targets, the startup is poised for significant growth, creating wealth for employees and delivering enhanced services to users worldwide.
