Monday, February 26, 2024
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HomeTechnologyAstrotalk to raise around $20 million from Left Lane Capital

Astrotalk to raise around $20 million from Left Lane Capital


SUMMARY

Astrotalk’s board of directors passed a special resolution to issue 11,211 CCPS Series A at an issue price of INR 1,38,601-INR 1,45,531 each to US-based Left Lane Capital.

Currently, the startup claims to have a pool of over 13,000 astrologers, tarot readers, numerologists and vastu experts on its platform.

Inc42 recently reported that Astrotalk is projecting revenue of INR 2000 Cr ahead of an IPO in 2025-26.

Online astrology platform Astrotalk will raise around $20 million (INR 163 Cr) in its Series A funding round from US-based venture capital firm Left Lane Capital.

According to a regulatory filing with the Registrar of Companies (RoC), the startup’s board of directors has passed a special resolution to issue 11,211 Series A Compulsorily Convertible Preference Shares (CCPS) at an issue price of INR 1,38,601-INR 1,45,531 each for the VC firm.

Founded in 2017 by Puneet Gupta and Anmol Jain, Astrotalk is an online astrology platform.

The startup achieved profitability in FY20 and has grown exponentially in the last few years.

Currently, it claims to have a pool of over 13,000 astrologers, tarot readers, numerologists and vastu experts on its platform. As of October 2023, it had 3 Cr clients on the platform.

In recent years, the startup, backed by QED Innovation Labs, has also roped in several celebrities, including Shraddha Kapoor, Ranbir Kapoor, Mouni Roy and Virender Sehwag, to promote its services.

In FY23, Astrotalk reported revenue of INR 282 Cr with a profit of INR 27 Cr, almost 4 times higher than the previous year.

Inc42 recently reported that Astrotalk expects to reach INR 600 Cr in revenue by the end of FY24, with an EBITDA margin of 16%. It also projects a revenue of INR 2000 Cr before conducting an IPO in 2025-26.

Astrotalk competes with companies like AstroGuru, AstroYogi, Astrosage and others. in a booming spiritual and religious market in the country.

According to a report, India’s religious and spiritual market was valued at $58.56 billion in 2023 and is expected to grow at a CAGR of 10% between 2024 and 2032 to reach a size of around 150 thousand. millions of dollars in less than a decade.

In November last year, another spiritual technology startup VAMA raised 1.5 million dollars (INR 12.5 Cr) in a seed funding round led by Wavemaker partners. The startup provides access to epujas, edarshans and astrology services for devotees across India.





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