Astrotalk’s profit more than tripled to INR 94 Cr in the financial year 2023-24 (FY24) from INR 27 Cr in the previous fiscal
The Delhi NCR-based startup’s revenue for FY24 also jumped (133.6%) over 2X to INR 659 Cr, against the reported revenue of INR 282 Cr in the previous fiscal year
This also comes close to the startup entering the spirituality e-commerce segment with a new venture
Online astrology platform Astrotalk’s profit more than tripled to INR 94 Cr in the financial year 2023-24 (FY24) from INR 27 Cr in the previous fiscal.
The Delhi NCR-based startup’s revenue for FY24 also jumped (133.6%) over 2X to INR 659 Cr, against the reported revenue of INR 282 Cr in the previous fiscal year.
This was announced by Astrotalk’s cofounder Anmol Jain on his LinkedIn post today (September 27).
This also comes close to the startup entering the spirituality e-commerce segment with a new venture. The spiritual e-commerce venture marks a diversification for Astrotalk, which has primarily focused on providing online astrology services.
The startup then outlined that it is targeting a revenue goal of INR 100 Cr within a few months and is actively seeking a chief marketing officer (CMO) to lead these initiatives.
In June, Astrotalk raised INR 110 Cr aimed at expanding its product offerings and shoring up offerings in regional languages. Earlier in February, it raised $20 Mn in its Series A funding round from New York-based venture capital firm Left Lane Capital.
Back then it said that the funds would be used for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles.
Founded in 2017 by Gupta and Anmol Jain, Astrotalk has seen significant growth in recent years. To be sure, 90% of Astrotalk’s revenue comes from these consultations, where users pay per minute to talk to astrologers.
The platform currently boasts over 15,000 active astrologers and claims to have served more than 4 Cr users to date.
Astrotalk competes with the likes of Astrosage, AstroYogi, AstroBuddy, Ganeshaspeaks, AppsForBharat, and other unorganised players as well as independent astrology service providers.
Astrotalk’s financials for FY24 come at the heart of astrology consultation in the online space witnessing a boom.
An EMR study pegs the Indian religious and spiritual market at a value of $ 58.56 Bn in 2023. This is further expected to grow at a CAGR of 10% between 2024-2032 to reach around $150 Bn in less than a decade.
By Inc42 Media
Source: Inc42 Media