Spiritual tech startup Astrotalk has raised $20 million in Series A round from New York-based venture capital firm Left Lane Capital.
The funds will utilised for strategic acquisitions to expand in international markets, solidify new business verticals and hire senior leaders, the company said in an announcement made on February 12.
“The company is eyeing expansion across the US, Canada, UK and Middle East. One-on-one consultations stand to be approximately 95 percent of our revenue with about 20 percent of the revenues coming from outside of India,” founder and CEO of Astrotalk Puneet Gupta said.
“Our aim is to take India's ancient Vedic sciences across the globe, and our partnership with Left Lane marks the beginning of this journey,” he added.
The company will also use funds to further develop its "devotion offerings" as well as expand and localise operations in South India, which presents a large market opportunity.
Founded in 2017 by Gupta and Anmol Jain, Astrotalk connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more. The platform has over 15,000 active astrologers and has served more than four crore users till date.
"Astrotalk grew, in a bootstrapped fashion, to becoming the local market leader for digital astrology practice in India. We are highly confident in their abilities to achieve similar success on a global playing field,” Left Lane Capital CEO and Managing Partner Harley Miller siad.
The company is building a leadership team to head new business verticals and is actively hiring. The employee headcount, currently at 200, is expected to significantly increase with the new funding round.
Astrotalk which has an ESOP (Employee stock ownership) in place, is planning an ESOP buyback to create wealth for its employees.
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