The company aims for expansion in South India and plans to broaden its reach across the US, Canada, the UK, and the Middle East.
Astrotalk, a spiritual technology startup, has secured $20 million in Series A funding from Left Lane Capital, a New York-based venture capital firm.
In an announcement made on February 12th, the company stated that the funds will be used for strategic acquisitions aimed at expanding into international markets, strengthening new business verticals, and recruiting senior leaders.
Founder and CEO of Astrotalk, Puneet Gupta, stated, “The company aims to expand across the US, Canada, UK, and Middle East. One-on-one consultations are projected to account for approximately 95 percent of our revenue, with about 20 percent of revenues coming from outside of India.”
“We aspire to spread India’s ancient Vedic sciences worldwide, and our collaboration with Left Lane signifies the commencement of this endeavor,” he elaborated.
Additionally, the company intends to allocate funds for enhancing its “devotion offerings” and for expanding and localizing operations in South India, which presents a significant market opportunity.
Established in 2017 by Gupta and Anmol Jain, Astrotalk links users with astrologers for services including horoscope readings, birth chart analysis, live prayers, and more. The platform boasts over 15,000 active astrologers and has catered to more than four crore users to date.
“Astrotalk has organically emerged as the dominant player in the digital astrology sector in India. We have full confidence in their capacity to replicate this success on a global scale,” remarked Harley Miller, CEO and Managing Partner of Left Lane Capital.
The company is in the process of assembling a leadership team to oversee new business verticals and is actively recruiting. With the infusion of new funding, the current employee count of 200 is anticipated to experience substantial growth.
Astrotalk, which has implemented an Employee Stock Ownership Plan (ESOP), is strategizing an ESOP buyback initiative to generate wealth for its employees.