Monday saw the announcement by spiritual tech startup AstroTalk of raising $20 million in a Series A round from New York-based venture capital firm Left Lane Capital, which funds fast-growing internet and consumer technology businesses.
Thus far, this capital round represents one of the biggest in India’s spiritual-tech sector.
According to a press release from the company, AstroTalk plans to use the money for strategic acquisitions to grow into new foreign markets, establish new business verticals, and appoint senior leadership positions.
AstroTalk, which was founded in 2017 by Puneet Gupta and Anmol Jain, links people with astrologers for a variety of services, including live prayers, birth chart analysis, and horoscope readings.
With more than 15,000 active astrologers, the portal has assisted over 4 crore individuals to date.
“Astrotalk is a ‘Made in India, Built for the World’ company that plans to grow throughout the Middle East, the US, Canada, and the UK. Astrotalk’s founder and CEO, Puneet Gupta, stated in the announcement that “one-on-one consultations stand to be approximately 95% of our revenue, with about 20% of the revenues coming from outside of India.”
The company is currently hiring and developing a strong leadership team to oversee new business verticals. In addition, it intends to build wealth for its staff members through an ESOP buyout.
AstroTalk reports that its annual revenue increase over the last three years has been 100%, with an estimated ARR of Rs 800 crore in FY24.
The company’s annual financial statement shows that its earnings increased by 41.7% to Rs 8.5 crore in FY23, while its sales increased by 146% to Rs 283 crore. The company also predicted that its FY24 sales would be Rs 650 crore and its profit would be Rs 100 crore.
Its rivals include Bodhi, Click Astro, InstraAstro, and GaneshaSpeaks.
