Spiritual tech startup AstroTalk has announced the successful completion of a $20 million Series A funding round led by Left Lane Capital, a prominent New York-based venture capital firm specializing in high-growth consumer and internet technology companies. This funding milestone marks one of the largest investments in the spiritual-tech industry in India to date.
AstroTalk, founded in 2017 by Puneet Gupta and Anmol Jain, has rapidly gained recognition for its innovative approach to connecting consumers with astrologers for services such as horoscope readings, birth chart analysis, live prayers, and more. The platform, with over 15,000 active astrologers, has served more than 4 crore users and has achieved an Annual Recurring Revenue (ARR) of approximately Rs 800 crore in the fiscal year 2023-24.
The newly secured funds will be deployed strategically to support AstroTalk’s ambitious plans for global expansion, focusing on markets in the US, Canada, the UK, and the Middle East. In addition to international growth, the company aims to solidify new business verticals, explore devotional offerings, and hire key senior leadership roles. AstroTalk is also actively recruiting to build a robust leadership team and planning an Employee Stock Ownership Plan (ESOP) buyback to reward its dedicated workforce.
Commenting on the funding and expansion plans, Puneet Gupta, Founder and CEO of AstroTalk, stated, “AstroTalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK, and Middle East. One-on-one consultations stand to be approximately 95% of our revenue, with about 20% of the revenues coming from outside of India.”
AstroTalk’s impressive financial performance includes a 146% growth in revenue to Rs 283 crore in FY23, accompanied by a significant profit spike of 41.7% to Rs 8.5 crore. The company projects to conclude FY24 with Rs 650 crore in revenue and Rs 100 crore in profit.
With stiff competition from players like GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi, AstroTalk has emerged as a leader in the spiritual tech domain. The startup’s success is attributed to its commitment to privacy, advanced technology integration, and a network of skilled astrologers catering to the diverse needs of users.
AstroTalk’s journey, from being bootstrapped in its early years to achieving substantial financial milestones, reflects the growing demand for tech-driven spiritual services. The infusion of $20 million in Series A funding positions AstroTalk to make a significant impact on the global spiritual-tech landscape.