AstroTalk Secures $9.5 Million in Series A Extension, Eyes Further Growth

Online astrology platform AstroTalk has secured an additional $9.5 million (Rs 78.3 crore) in funding, extending its Series A round. This investment comes from existing investors Left Lane Capital and Elev8 Capital, who continue to back AstroTalk’s growth trajectory.

Increased Valuation Reflects Strong Performance

The company’s regulatory filings reveal the issuance of shares to raise the funds, putting AstroTalk’s post-money valuation at an impressive $300 million (Rs 2,478 crore). This represents a significant 33.3% increase from its previous funding round. Reports suggest AstroTalk is still in discussions to secure an additional $30 million, potentially pushing the valuation even higher.

Building on Previous Success

This latest investment adds to the $20 million (Rs 166 crore) AstroTalk raised in its initial Series A round earlier this year. The company boasts a network of over 13,000 astrologers, tarot card readers, numerologists, and Vastu experts, offering consultations through phone calls, chats, and online platforms. Users can connect with these specialists for guidance on various aspects of life, including relationships, careers, health, and future prospects.

Financial Strength Fuels Expansion Plans

Left Lane Capital, one of AstroTalk’s primary investors, has witnessed a significant financial upswing in the company. Recent data showcases a 146% increase in revenue to Rs 283 crore for FY23, coupled with a 41.7% jump in profits to Rs 8.5 crore during the same period. Based on current trends, AstroTalk is projected to close FY24 with a projected revenue of Rs 650 crore and a profit of Rs 100 crore (though audited financial results are yet to be filed).

A Thriving Market for Spiritual Tech

This investment reflects the growing interest in the spiritual tech sector. According to TheKredible data, astro and spiritual tech startups have collectively garnered around $25 million in funding over the past year. Companies like Ustav App, DevDham, InstaAstro, Vama, and Melooha have also secured notable funding during this period. Additionally, AppsForBharat, the parent company of SriMandir, is reportedly in talks for a fresh $15 million investment round, as reported exclusively by Entrackr last month.