Atlys, an online platform for visa applications, has successfully raised $12 million in a ‘Series A’ funding round. The platform aims to simplify the visa application process for Indians, capitalizing on the country’s expanding travel market. The funding round was spearheaded by Peak XV Partners and Elevation Capital, with contributions from existing investors such as Andreessen Horowitz, Chainsmokers, South Park Commons, and the founders of Pinterest.
Atlys was established in the US in 2021 with the goal of reducing the time Indians spend on visa applications. The company is focusing on India’s rapidly growing travel market. According to founder Mohak Nahta, India is the world’s second largest visa market and is growing at a faster rate than China, the largest visa market.
Nahta attributes this growth to an increase in direct flights from India to various countries, economic growth leading to higher disposable income, and Indians’ interest in exploring new countries. Despite having customers from 100 countries, Atlys is currently focusing on expanding its presence in India before moving on to other global markets.
In 2021, Atlys raised a seed round of $5 million. With over 10 million new passports being issued in India each year and more travelers seeking to explore international destinations, the travel market in India is booming. However, obtaining a visa remains a challenge.
Atlys relies on its predictive engine to ensure timely delivery of visas. So far, it has processed 250,000 visas and uses the data collected from each visa application to accurately predict when a person will receive their visa. This approach has resulted in 99.2 percent of visas being delivered on time.
While other platforms like VFS Global and e-Visa India also offer online visa services, Nahta believes that the e-visa market is growing rapidly. More than 65 percent of countries have transitioned to e-visas. The total visa market is worth $40 billion, with e-visas accounting for 65 percent of that share.
Atlys plans to expand its services from 65 countries to 150 countries in the next four to five months. The startup aims to add 30 more countries by the second quarter of 2024.