Astrotalk celebrates a successful funding round, securing $14 million to expand its services. This new investment will help enhance their offerings and reach a wider audience.
Astrotalk, a digital astrology consulting platform, has raised $14 million in a new funding round led by Elev8 Venture Partners. The round also saw participation from Left Lane Capital, an existing investor in the Noida-based startup. This round included both primary and secondary transactions.
Elev8 Venture Partners contributed approximately $7 million to this funding. "Having Elev8's support gives us confidence in our journey and vision," said Puneet Gupta, the founder of Astrotalk. "We are set to expand our growth plans, launch new apps, enter new markets, and explore new categories this year."
The funding round included $9.4 million in primary capital, according to regulatory filings from the Registrar of Companies.
Astrotalk had previously received $20 million from Left Lane Capital in February, marking its first major institutional funding.
With the fresh funds, Astrotalk plans to expand its reach in international markets, including the US, UK, Canada, and West Asia. Currently, about 20% of its revenue comes from overseas markets.
The new capital infusion has reportedly boosted Astrotalk's valuation to approximately Rs 2,500 crore ($300 million), according to RoC filings.
Earlier reports suggested that the company was aiming for a revenue target of Rs 620-630 crore with a profit of Rs 120 crore for the fiscal year ending March 2024. This is a significant increase from Rs 283 crore in revenue and Rs 27 crore in profit in FY23.
Astrotalk operates on a revenue-sharing model with its more than 10,000 active astrologers. Their pricing ranges from Rs 10 to Rs 200 per minute. The platform handles around 3 million sessions each month, with a majority of consultations related to marriage, followed by employment queries.
Elev8 Venture Partners, based in Bengaluru, joined Astrotalk’s capitalization table through this funding round. Elev8 was established by Navin Honagudi, a co-founder of Kae Capital.
Astrotalk has recently expanded its services to include e-puja, a competitive field with players like Vama, Utsav, and DevDham (formerly DevDarshan). The company is also aiming to increase its presence in southern India. The funds will be used to expand offerings in regional languages and formats, boost its global presence, and grow its team.
