Visa processing platform Atlys has raised $20 million in a Series B funding round co-led by Peak XV Partners and Elevation Capital. New investors DST Global and Headline also joined the round, alongside existing backers. The latest funding will help Atlys accelerate its global expansion, enhance product development, and strengthen engineering capabilities.
This marks a significant milestone for the three-year-old startup, which raised $12 million in a Series A round in September 2023, and $4.25 million in seed funding in October 2021.
Atlys aims to simplify the cumbersome visa application process by leveraging advanced technology. The platform claims to reduce visa rejection rates and streamline processing times, allowing applicants to complete their visa requests in as little as 55 seconds. Atlys covers over 150 destinations, with users typically spending just 4-10 minutes to apply for a visa.
The company has established a presence in key global markets, including the US, UAE, and the UK, while expanding its product, engineering, and marketing leadership team. Currently, Atlys handles approximately 30,000 visa applications monthly, with India contributing over 60% (20,000) of these applications.
Although Atlys has not disclosed revenue figures, it reports 20x growth in the past year. The startup’s success comes amid growing competition in the visa processing space. For instance, Visa2Fly raised $414,000 in its pre-seed round in July 2022, while StampThePassport raised $500,000 in September of the same year.
A report from the UN World Tourism Organization (UNWTO) noted that 30 million Indians travelled abroad in 2023, reflecting a 20% year-on-year increase. Notably, tier II and tier III cities contributed to 43% of the country’s outbound travel, presenting a significant opportunity for platforms like Atlys to tap into the growing demand for international travel.
