ETtechAstrotalk, which provides digital astrology consulting services, on Monday said it has secured $14 million in a financing round led by Elev8 Venture Partners.
Venture capital firm Left Lane Capital, the Noida-based startup’s existing investor, also participated in the investment round, which was a mix of primary and secondary transactions.
"With Elev8's support, we have a local domestic institution that believes in our journey and vision,” said Puneet Gupta, founder of Astrotalk. “We are advancing our growth plans and will be launching newer apps, geographies and categories this year…"
The investment round comprises $9.4 million in primary capital, according to regulatory filings sourced from the Registrar of Companies.
In February, Astrotalk had received $20 million from New York-based Left Lane Capital, marking its first institutional funding round.
Astrotalk is looking to expand in overseas markets such as the US, the UK, Canada and west Asia. It gets about a fifth of its revenue from international markets.
The latest capital infusion is expected to have given Astrotalk a valuation of about Rs 2,500 crore ($300 million), RoC filings showed.
ET had reported earlier that the company was targeting a revenue of Rs 620-630 crore with a profit of Rs 120 crore in the fiscal ended March 2024, compared with Rs 283 crore in FY23. It posted a net profit of Rs 27 crore in FY23.
Astrotalk operates on a revenue-sharing model with the more than 10,000 active astrologers on its platform. Its pricing structure ranges from Rs 10 to Rs 200 per minute.
Bengaluru-based Elev8 Venture Partners, which has joined Astrotalk’s capitalisation table with this round, was set up by Navin Honagudi, one of the founders of Kae Capital.
Astrotalk handles a monthly volume of 30 lakh sessions between its customers and astrologers, the bulk of which are marriage-related consultations, followed by enquiries about employment.
The company recently expanded its services to include e-puja, entering a competitive field with players like Vama, Utsav and DevDham (formerly DevDarshan).
It is also looking to increase its penetration in southern India. Astrotalk’s statement said it plans to use the funds to expand its offerings in regional languages and formats, increase its global presence and expand its team.
Venture capital firm Left Lane Capital, the Noida-based startup’s existing investor, also participated in the investment round, which was a mix of primary and secondary transactions.
Elev8 Venture Partners issued a statement saying it has invested about $7 million through the round.
"With Elev8's support, we have a local domestic institution that believes in our journey and vision,” said Puneet Gupta, founder of Astrotalk. “We are advancing our growth plans and will be launching newer apps, geographies and categories this year…"
The investment round comprises $9.4 million in primary capital, according to regulatory filings sourced from the Registrar of Companies.
In February, Astrotalk had received $20 million from New York-based Left Lane Capital, marking its first institutional funding round.
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Astrotalk is looking to expand in overseas markets such as the US, the UK, Canada and west Asia. It gets about a fifth of its revenue from international markets.
The latest capital infusion is expected to have given Astrotalk a valuation of about Rs 2,500 crore ($300 million), RoC filings showed.
ET had reported earlier that the company was targeting a revenue of Rs 620-630 crore with a profit of Rs 120 crore in the fiscal ended March 2024, compared with Rs 283 crore in FY23. It posted a net profit of Rs 27 crore in FY23.
Astrotalk operates on a revenue-sharing model with the more than 10,000 active astrologers on its platform. Its pricing structure ranges from Rs 10 to Rs 200 per minute.
Bengaluru-based Elev8 Venture Partners, which has joined Astrotalk’s capitalisation table with this round, was set up by Navin Honagudi, one of the founders of Kae Capital.
Astrotalk handles a monthly volume of 30 lakh sessions between its customers and astrologers, the bulk of which are marriage-related consultations, followed by enquiries about employment.
The company recently expanded its services to include e-puja, entering a competitive field with players like Vama, Utsav and DevDham (formerly DevDarshan).
It is also looking to increase its penetration in southern India. Astrotalk’s statement said it plans to use the funds to expand its offerings in regional languages and formats, increase its global presence and expand its team.
( Originally published on Jun 03, 2024 )
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