Elev8 Venture Leads $14 Million Funding in Online Astrology Platform AstroTalk

Elev8 Venture leads $14 million funding in online astrology platform AstroTalk

Puneet Gupta, co-founder and CEO of Astrotalk

AstroTalk, which offers an online marketplace for astrology services, has secured another $14 million (Rs 117 crore) in a round led by domestic venture capital firm Elev8 Venture Partners, months after it raised its first funding check.

The final round is a mix of primary and secondary investments. Bengaluru-based Elev8 invested $7 million in the round, with participation from New York-based Left Lane Capital, an existing investor.

“Advancing our growth plans, we will launch newer apps, regions and categories this year, strengthening our position as the largest spiritual technology company in India,” Puneet Gupta, founder of Astrotalk, said in a statement. plans to expand its offering in regional languages ​​and formats and also expand its team.

The deal, closed at a pre-money valuation of Rs 2,400 crore ($288 million), comes about three months after AstroTalk said it raised $20 million in its Series A funding round led by Left Lane Capital.

At the time, the company said it was expanding markets in the US, Canada, Britain and the Middle East, with the aim of increasing the contribution of international markets from 20% at the time.

Founded in 2017 by Gupta and Anmol Jain, AstroTalk operates as a marketplace that connects consumers with astrologers for horoscope readings, birth chart analysis and other astrology-related offerings. It has around 20,000 active astrologers and targets over 5 million active users. It has more than 1 million monthly transactions. It competes with the likes of ganeshaspeaks.com, instaastro.com and astroyogi.com in the domestic market.

In fiscal 2022-23, it posted a turnover of Rs 285 crore, up from Rs 115 crore in FY22. VCCircle reported that the company aimed to achieve revenues of Rs 600-625 crore in FY24.

“Puneet and Anmol have done an extraordinary job building such a fast-growing and substantial organization in a short period of time,” said Navin Honagudi, Managing Director and Founding General Partner of Elev8 Venture Partners.

“We are convinced that there is still significant growth potential for the company. Management has exciting plans to create a fast-growing, sustainable organization in a unique sector,” he added.

AstroTalk is one of several online astrology platforms that are gaining traction and attracting investors. Earlier today, VCCircle reported that Astroyogi, one of India’s first online astrology platforms, plans to raise its first round of external funding. The company has received inbound stakes from some private investment firms and strategic investors and is working with an investment banker to complete the process.