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AstroTalk set to raise $20 Mn in Series A

EntrackrEntrackr · 1y ago
AstroTalk set to raise $20 Mn in Series A
Medial

Online astrology platform AstroTalk is raising nearly $20 million in its Series A round from New York-based Left Lane Capital. This will be the Noida-based firm’s maiden institutional funding round. The board at AstroTalk has passed a special resolution to issue 11,211 Series A CCPS at an issue price of Rs 1,45,531 (upper-band) each to raise Rs 163 crore or close to $20 million, its regulatory filing sourced from the Registrar of Companies (RoC) shows. As per the startup data intelligence platform TheKredible, the company has been valued at around $200 million (post allotment). Entrackr was the first to report about this round in August 2023. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and vastu experts on its platform. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. To popularize its offerings, AstroTalk roped in a clutch of celebrities including Ranbir Kapoor, Shraddha Kapoor, Mouni Roy, Bharti Singh, and Virender Sehwag. While most startups of its age in the consumer internet space have been soaked deep into losses, AstroTalk is profitable with over two-fold growth in its operating scale. The company posted 146% growth in its revenue to Rs 283 crore in FY23 whereas its profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. AstroTalk has emerged as the poster boy in its space but it competes with GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi. In the past six months, a clutch of astro and spiritual tech startups raised funds. The list included Vama, Utsav, DevDham (previously DevDarshan), and Melooha. As per Entrackr’s sources, Bodhi and instaAstro are also in talks to raise new rounds.

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Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn

EntrackrEntrackr · 1y ago
Exclusive: AstroTalk raises $9.5 Mn at a valuation of $300 Mn
Medial

Online astrology platform AstroTalk has raised Rs 78.3 crore or $9.5 million in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital. The board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, its regulatory filing accessed from the RoC shows. Left Lane Capital pumped Rs 58.3 crore while Elev8 Capital participated with Rs 20 crore. This seems to be the tranche of a larger round. AstroTalk is reportedly in talks to raise $30 million. As per TheKredible’s estimates, the company has been valued at around Rs 2,478 crore or $300 million post-money which is a 33.3% increase from its last round. The valuation will go up with the flow of funds. AstroTalk has raised Rs 172 crore to date including Rs 166 crore or $20 million in its Series A round in February. Entrackr was the first to report the development. AstroTalk is a platform to consult astrologers via the internet, call, and chat and claims to have 13,000 astrologers, tarot readers, numerologists, and Vastu experts. The platform lets users connect with the aforementioned experts for future predictions related to marriage, love life, career, and health among others. Left Lane Capital baked firm had demonstrated strong financial performance in FY23 as its revenue grew 146% to Rs 283 crore. At the same time, AstroTalk’s profits spiked 41.7% to Rs 8.5 crore. As per the current average revenue run rate, the company is projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. The company is yet to file its audited financial results for FY24. As per data compiled by TheKredible, astro and spiritual tech startups have raised around $25 million in the past 12 months. The notable names include Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha also raised decent funding during the period. SriMandir’s parent company AppsForBharat is also in talks to raise $15 million in a new round. Entrackr exclusively reported the development last month.

AstroTalk raises $20 Mn from Left Lane Capital

EntrackrEntrackr · 1y ago
AstroTalk raises $20 Mn from Left Lane Capital
Medial

Spiritual tech startup AstroTalk on Monday announced that it has raised $20 million in a Series A round from Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies. This is one of the largest funding rounds in the spiritual-tech industry in India, so far. AstroTalk will use the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, the company said in a press release. Last week, Entrackr exclusively reported about the upcoming funding round in AstroTalk. Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The platform boasts over 15,000 active astrologers and has served more than 4 crore users to date. “Astrotalk is a ‘Made in India, Built for the World’ company, eyeing expansion across the US, Canada, UK & 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,” said Puneet Gupta, founder and CEO of Astrotalk in the release. Currently, the company is building a strong leadership team to head new business verticals and is actively hiring. Additionally, it is planning an ESOP buyback to create wealth for its employees. AstroTalk claims to clock an ARR of approximately Rs 800 crore in FY24 and a 100% year-on-year revenue growth in the last three years. As per the company’s annual financial statement, it posted 146% growth in its revenue to Rs 283 crore in FY23 whereas its profits spiked 41.7% to Rs 8.5 crore. The firm also projected to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit. It competes with GaneshaSpeaks, InstraAstro, Click Astro, and Bodhi.

InstaAstro raises $2.3 Mn led by Artha Venture Fund

EntrackrEntrackr · 1y ago
InstaAstro raises $2.3 Mn led by Artha Venture Fund
Medial

Online astrology platform InstaAstro has raised Rs 18.50 crore in its pre-Series A round led by Artha Venture Fund. The round also saw participation from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund and Aloke Bajpai, MD & CEO of Ixigo. In November 2021, InstaAstro had raised Rs 3.2 crore in a seed round led by Artha Venture Fund along with Ramakant Sharma’s LogX Ventures. With fresh funds, InstaAstro is launching new spiritual e-commerce, daily pooja, and reiki healing services. As per the company, these offerings would deepen the platform’s user engagement and provide access to a comprehensive spiritual and astrological guidance ecosystem. Founded by Nitin Verma, InstaAstro claims to have over 200,000 monthly app installs, 50,000 minutes per day in consultations, and an ARR of $5 million. It offers horoscopes, tarot readings, and numerology in English, Hindi, and various regional languages. The startup has a total user base of over 5 million users and provided a cumulative consultation of more than 2 crore (20 million) minutes to its subscribers in FY24. The firm has 1,500 astrologers on its platform. It competes with GaneshaSpeaks, AstroTalk, Click Astro, and Bodhi. In the past 12 months, a clutch of astro and spiritual tech startups raised funds. The list included AstroTalk, Vama, Utsav, DevDham (previously DevDarshan), and Melooha. As per Entrackr’s sources, Bodhi is also in talks to raise a new round. AstroTalk had raised the largest funding ($20 million) among the astro and spiritual tech startups.

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris

EntrackrEntrackr · 1m ago
Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris
Medial

Exclusive: Propelld to raise $30 Mn from WestBridge and Stellaris Propelld, an education-focused lending platform, is set to secure Rs 260 crore (around $30.5 million) in its Series D round led by WestBridge Capital with the participation of Stellaris Venture Partners. Propelld’s board passed a special resolution to allot 20,732 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 1,25,408 each to raise the aforementioned sum, its regulatory filing accessed from the Registrar of Companies (RoC) shows. Westbridge Capital will invest Rs 240 crore ($28 million) via Setu AIF Trust, Konark Trust, and MMPL Trust while Stellaris Venture Partners will contribute Rs 20 crore. The investment will be utilized to meet the company’s working capital needs and capital expenditure for business expansion, the filing added. According to Entrackr’s estimates, the company is valued at around Rs 860 crore or $101 million post-allotment. Founded in 2019 by Bibhu Prasad Das, Victor Senapaty, and Brijesh Samantaray, Propelld provides education loan financing through 'Study Now, Pay Later' products and Income Sharing Agreements (ISA) via its NBFC arm. The company also offers collateral-free education financing options. Following the latest fundraise, WestBridge will hold a 46.9% stake in the company while Stellaris Venture Partners will hold a 15.69% stake. Propelld competes with other education loans-focused fintech startups like Leap Finance and Grayquest.

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