Online astrology platform AstroTalk has successfully raised Rs 78.3 crore (approximately $9.5 million) in an extension of its Series A round. The funding comes from existing investors Left Lane Capital and Elev8 Capital, underscoring their confidence in the platform’s potential. This latest investment brings AstroTalk’s total funding to date to Rs 172 crore (about $29.5 million).
Investment Details
The recent fundraising was formalized through a special resolution passed by AstroTalk’s board, resulting in the issuance of 5,067 compulsory convertible preference shares. According to regulatory filings accessed from the Registrar of Companies (RoC), Left Lane Capital contributed Rs 58.3 crore, while Elev8 Capital added Rs 20 crore. This funding is part of a larger round, with AstroTalk reportedly in discussions to raise an additional $30 million.
Financial Performance and Projections
AstroTalk has shown remarkable financial growth. In the fiscal year 2023, the company’s revenue surged by 146%, reaching Rs 283 crore. Concurrently, profits increased by 41.7%, amounting to Rs 8.5 crore. Based on the current average revenue run rate, AstroTalk is projected to close FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. However, the company has yet to file its audited financial results for FY24.
Platform and Services
AstroTalk provides a comprehensive online platform where users can consult astrologers, tarot readers, numerologists, and Vastu experts through internet calls and chats. The platform boasts a network of 13,000 experts, offering predictions and advice on various life aspects such as marriage, love life, career, and health.
Competitive Landscape
AstroTalk’s recent funding round places it firmly among notable names in the online astrology and spirituality sector. Other companies like Ustav App, DevDham, InstaAstro, Vama, and Melooha have also secured significant funding during this period. Additionally, SriMandir’s parent company, AppsForBharat, is reportedly in talks to raise $15 million in a new funding round.
Conclusion
AstroTalk’s successful funding round and robust financial performance highlight the growing demand for online astrology services. With the latest infusion of capital and plans for further expansion, AstroTalk is well-positioned to continue its growth trajectory and enhance its service offerings in the competitive online astrology market.
