Astrotalk, a spiritual tech startup, has successfully raised $20 million in its Series A funding round from New York-based venture capital firm Left Lane Capital.
The company plans to utilize the funds for strategic acquisitions to expand into international markets, solidify new business verticals, and hire senior leaders, according to an announcement made on February 12.
Founder and CEO of Astrotalk, Puneet Gupta, stated, “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.”
“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,” Gupta added.
In addition to international expansion, the company plans to further develop its “devotion offerings” and expand and localize operations in South India, which presents a significant market opportunity.
Established in 2017 by 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 four crore users to date.
Left Lane Capital CEO and Managing Partner Harley Miller expressed confidence in Astrotalk’s capabilities, stating, “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.”
With the new funding, Astrotalk plans to build a leadership team to head new business verticals and is actively hiring. The employee headcount, currently at 200, is expected to significantly increase.
Moreover, Astrotalk, which has an Employee Stock Ownership Plan (ESOP) in place, is planning an ESOP buyback to create wealth for its employees.