Noida-based Astrotalk has reportedly more than doubled its FY24 operating revenue to INR 651 Cr
The company has secured $30 Mn in funding from its marquee investors, including New York-based Left Lane Capital and Elev8 Ventures, giving it a current valuation of $300 Mn
Nearly 20% of Astrotalk’s revenue is derived from international markets, while its ecommerce segment contributes 5% to its topline, offering products like gemstones and items essential for astrological rituals
Amid a boom in India’s astrology market, driven by technological advancements and shift in consumer behaviour, Noida-based Astrotalk has reportedly more than doubled its FY24 operating revenue to INR 651 Cr as the online astrology platform expanded its footprint in both Indian and overseas markets.
As per ET, citing financial statements, the company also saw its net profit increase more than ten-fold to INR 94 Cr for the year ended March 2024.
Founded in 2017 by Anmol Jain and Puneet Gupta, Astrotalk is an online astrology startup that offers fortune telling services to its target audience.
It is pertinent to note that Astrotalk has yet to submit its financials to the Registrar of Companies (RoC).
Anmol Jain, cofounder of Astrotalk, said that the company managed to scale operations efficiently while keeping fixed costs under control, which resulted in improved profit margins.
Currently, Astrotalk facilitates approximately 4.5 Mn paid sessions monthly between customers and astrologers, primarily focused on marriage consultations, followed by inquiries about employment. Additionally, the platform sees around 6 million free sessions.
The company has secured $30 Mn in funding from its marquee investors, including New York-based Left Lane Capital and Elev8 Ventures, giving it a current valuation of $300 Mn.
Looking ahead, Jain mentioned that Astrotalk plans to pursue inorganic growth in the upcoming year by exploring potential acquisition opportunities.
During FY24, Astrotalk significantly increased its marketing expenditure, with costs rising to INR 157 Cr from INR 74 crore in FY23. Employee costs also grew to INR 30 Cr, up from INR 23 Cr in the previous fiscal year.
The startup aims to go public in 2026, according to Jain.
Earlier this year, Astrotalk expanded its services to include e-puja, entering a competitive market alongside players such as Vama, Utsav, and DevDham (formerly DevDarshan).
This development comes after the company has set the ball rolling to strengthen the marketing efforts of its new venture in the spiritual ecommerce space.
Meanwhile, last month, astrotech platform Astroyogi sued Astrotalk, alleging unauthorised use of the ‘Astroyogi’ trademark. The former alleged that Astrotalk has used its trademark name within various horoscope categories, resulting in overlapping with the services offered by it.
Currently, nearly 20% of Astrotalk’s revenue is derived from international markets, while its ecommerce segment contributes 5% to its topline, offering products like gemstones and items essential for astrological rituals.
An EMR study valued the Indian faith market at $58.56 Bn in 2023.
By Inc42 Media
Source: Inc42 Media