Visa processing platform Atlys raises $20 million led by Peak XV and Elevation Capital

Mohak Nahta, Founder and CEO of Atlys

Online visa application platform Atlys has raised $20 million in its Series B funding round led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital. The funding arrives as venture capital investment in India shows renewed vigor, with VCs writing large cheques for startups.

The round also saw participation from all its existing investors like Andreessen Horowitz, South Park Commons, and new investors like DST Global and Headline.

“Since our last funding round we have grown 20X, we will be using funds from this round to continue our expansion strategy both in India and international markets,” said Mohak Nahta, Founder and CEO of Atlys to Moneycontrol.

The firm has also hired leadership talent with the funding and will focus on newer revenue streams like forex and insurance. “This will cross-selling opportunities as part of diversification strategy but our focus continues to be on visa processing,” Nahta added.

The funding round comes just a year after the firm raised its last funding of $12 million led by Peak XV Partners and Elevation Capital as well as from Andreessen Horowitz (a16z), musical duo Chainsmokers, South Park Commons, Pinterest founders, among others.

The platform has expanded its footprint in global markets, including the United States, the UAE, and the UK, and has made top-tier hires in product, engineering, and marketing teams.

“Our core focus remains on meeting the growing needs of travelers, particularly in India, where international tourism is booming,” Nahta added.

The platform, which started in the US in 2021, is looking to cut down the time spent by Indian travellers on applying and getting a visa, betting big on the growing travel market in the country.

In 2023, global outbound international tourists totalled 1.3 billion, fueled by rising international tourism, expanding expatriate communities, and the increasing adoption of digital travel solutions.

With these drivers, the market is expected to grow at a CAGR of 10.5 percent over the next decade. In India, 30 million travelers ventured abroad, marking a 20 percent year-on-year increase, largely propelled by a growing middle class and greater access to affordable travel options.

“A significant portion of this growth came from Tier 2 and Tier 3 cities, which contributed to 43 percent of the country's outbound travel, reflecting a broader shift beyond metro-driven demand,” Nahta said.

The company had raised a $5 million seed round in 2021. The platform claims to simplify visa applications, reducing rejection rates and cutting processing times to just 55 seconds for over 150 destinations.

“More than 65 percent of growth is organic, no component of payment or cost there. India as a market is booming and we will continue to focus on that,” Nahta said.