Online astrology platform AstroTalk in discussion to raise $25-30 M: Report
Online astrology platform AstroTalk is working to raise $25–30 million in its first institutional round, according to sources. For an Indian startup based on astrology, this will be one of the largest funding rounds.
“AstroTalk is raising anywhere between $25-30 million at a valuation around $190 million,” said one of the sources. “It’s in late-stage talks with a couple of investors including Edelweiss which is likely to lead the round.”
In August 2021, Kunal Shah-led Qed Innovation Labs had previously donated about $800K to the six-year-old business. Sources claim that a Cayman Island-based VC/PE firm is also in discussions to participate in this round, but it has not yet provided Astrotalk with a term sheet.
AstroTalk and Edelweiss were contacted, but neither company responded right away. In the event that they respond, we will update the story.
AstroTalk is a website where users can call, chat, and consult astrologers. It claims to have 13,000 astrologers, tarot readers, numerologists, and vastu experts on staff. You can connect with the aforementioned experts on the platform to get future predictions for things like marriage, love, career, and health, among other things.
AstroTalk reported revenue of Rs 115.36 crore and profit of Rs 5.74 crore for FY22. Sources claim that the company ended FY23 with more than Rs 280 crore in revenue and nearly Rs 30 crore in profit, even though the company has not yet submitted its FY23 financial information.
AstroTalk’s founder and CEO, Puneet Gupta, recently wrote on LinkedIn that the business has an ARR of Rs 550 crore and a PAT (profit after tax) of Rs 100 crore. Furthermore, sources claim that the business has already turned a profit of Rs 25 crore in the first quarter of the current fiscal year (Q1 FY24).
The startup faces competition from companies like Vama, MyPandit, and InstaAstro, among others.
