In an expansion of its Series A round, online astrology platform AstroTalk has raised Rs 78.3 crore, or $9.5 million, from current investors Left Lane Capital and Elev8 Capital.
According to AstroTalk’s regulatory filing retrieved from the RoC, the board approved a special resolution to issue 5,067 mandatory convertible preference shares in order to raise Rs 78.3 crore, or $9.5 million.
Elev8 Capital contributed Rs 20 crore, and Left Lane Capital contributed Rs 58.3 crore. It appears that this is a tranche from a bigger round. There are reportedly talks about AstroTalk raising $30 million.
According to media estimates, the company’s post-money valuation has increased by 33.3% from its previous round to approximately Rs 2,478 crore, or $300 million. The flow of funds will increase the valuation.
Up until now, AstroTalk has raised a total of Rs 172 crore, which includes Rs 166 crore, or $20 million, from its February Series A round.
AstroTalk is a website that offers online, phone, and chat astrological consultations. It lists 13,000 astrologers, numerologists, tarot readers, and Vastu experts among its members. Users of the platform can get in touch with the experts mentioned above to get future predictions on a variety of topics, including marriage, a romantic relationship, a career, and health.
With a 146% increase in revenue to Rs 283 crore in FY23, Left Lane Capital baked goods showed impressive financial performance. AstroTalk’s earnings increased to Rs 8.5 crore at the same time, a 41.7% increase. Based on the current average revenue run rate, the company’s revenue and profit are expected to be Rs 650 crore and Rs 100 crore, respectively, by the end of FY24. The business has not yet submitted its audited FY24 financial results.
Media data indicates that astrological and spiritual tech startups have raised approximately $25 million in the previous year. During that time, several well-known companies raised a respectable amount of money, including Ustav App, DevDham, InstaAstro, AstroTalk, Vama, and Melooha. The parent company of SriMandir
