Online astrology platform AstroTalk has secured Rs 78.3 crore (approximately $9.5 million) in an extension of its Series A round from existing investors Left Lane Capital and Elev8 Capital, as per a report by Entrackr.
AstroTalk's board has approved a special resolution to issue 5,067 compulsory convertible preference shares to raise Rs 78.3 crore (about $9.5 million), as per regulatory filings. Following the investment, the most recent capital injection occurred at a valuation of about Rs 2,500 crore ($300 million).
Left Lane Capital contributed Rs 58.3 crore, while Elev8 Capital added Rs 20 crore. This appears to be a part of a larger funding round. AstroTalk is reportedly in discussions to raise $30 million.
The funding comes at a time when AstroTalk is planning to expand into overseas markets, including the US, the UK, Canada, and west Asia, as per a report by the Economic Times. Twenty percent of the company’s revenue is obtained from the international market through AstroTalk.
With over 10,000 active users, AstroTalk operates on a revenue-sharing model. The pricing range for the model is pretty wide, from Rs 10 to Rs 200. AstroTalk is basically an online website where one can talk to astrologers. The company website says, “With a gigantic pool of 13000+ Vedic astrologers, Tarot readers, numerologists, Vastu experts, and more, Astrotalk lets you connect with these experts over call and chat and get answers to all your problems.”
The company today has more than 13,000 astrologers onboard and over 1 lakh minutes of daily consultation, as per the company website. Recently, Astrotalk also expanded to the e-puja segment.
The astrology market is booming in India. Similar to Astrotalk, there are several other online astrology platforms, such as Astroyogi, Astro Sage, Indian Astrology, and others. Similarly, a report by Redseer Strategy Consultants says that currently, at $350+ billion, India’s faith and religious products market is ripe for tech disruption across segments.
