Astrotalk raises $20 million from NY-based Left Lane Capital

Faith-raise: Faith-tech startup Astrotalk has raised $20 million led by New-York based  Left Lane Capital, the company announced on Monday.

The Series A fundraise announcement comes as the faith-tech category, from astrological consultations to spiritual services online, is gaining user as well as investor attention, especially after the pandemic.

Founded in 2017 by Puneet Gupta and Anmol Jain, the platform connects consumers to astrologers for horoscope readings, and also offers birth chart analysis and live prayers.

The funds will be utilised for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles. 

Astrotalk also plans to use the raised amount to further develop its devotion offerings, as well as expand to and localise its operations in South India, which presents a large market opportunity in and of itself.

Puneet Gupta, Founder and CEO of Astrotalk said the company is 'Made in India, Built for the World' which is looking to expand across the US, Canada, UK and the Middle East.

One-on-one consultations stand to be approximately 95 per cent of Astrotalk's revenue with about 20 per cent of the revenues coming from outside of India, Gupta added.

The platform has 15,000 active astrologers and has served more than 4 crore users, Astrotalk said.

The company has also clocking an Accounting Rate of Return (ARR) of about Rs 800 crore in 2023-24, as well as a 100 per cent year-on-year revenue growth in the last three years.

Investor Left Lane Capital is known to invest in  high-growth consumer and internet technology companies.

Harley Miller, CEO and Managing Partner of Left Lane Capital said, “Left Lane’s investment in Astrotalk is emblematic of our core DNA in backing category-defining consumer internet companies with global ambitions. We believe that Puneet and Anmol are perfectly positioned to capture the massive astrology and devotion market, which is a common practice in India and deeply embedded into the culture.”

The bootstrapped company had raised a seed round in 2021, and is backed by CRED founder Kunal Shah.