Astrotalk closes $14M funding led by Elev8 Venture Partners
Astrotalk plans to infuse the capital to expand its regional language and format offerings, increase its global presence, and expand its team.
Online astrology and mental wellness platform has secured Rs 110 crore ($14 million) funding led by Elev8 Venture Partners. Elev8 has invested Rs 20 crore in primary transactions and Rs 35 crore in secondary.
Other participating investors in the round include New York-based venture capital firm , which has contributed an additional Rs 55 crore, according to reports.
The round, now closed, can be classified as Series A extension or pre-Series B, said Puneet Gupta, Co-founder of Astrotalk.
Astrotalk plans to infuse the capital to expand its regional language and format offerings, increase its global presence, and expand its team. It also aims to improve user experience and accessibility for a diverse audience.
"Puneet and Anmol have done an extraordinary job building such a rapidly growing and substantial organisation in a short period. At Elev8, we firmly believe that there is significant growth potential left for the company. The management has exciting plans to create a high-growth, sustainable organisation in a unique sector. We are thrilled to be part of this journey," said Navin Honagudi, Managing Director and Founding General Partner of Elev8 Venture Partners.
Earlier to this, Left Lane Capital invested $20 million in Astrotalk's maiden institutional funding round in February.
Founded in 2017, Astrotalk is an online platform that offers astrology and mental wellness services. It claims to be having over five million active users and one million monthly transacting users. It provides services like Vedic astrology, vaastu, tarot card reading, and online puja, with over 20,000 astrologers and spiritual practitioners on the platform.
The platform plans to expand its product offerings by selling certified Vedic wearables, and it is primarily targeting Indian customers and also expanding its global reach, said a press release.
"With Elev8's support, we have a local domestic institution that believes in our journey and vision. We are advancing our growth plans and will be launching newer apps, geographies, and categories this year, thus cementing our position as the largest spiritual-tech company in India," said Puneet of Astrotalk.
Elev8 Venture Partners, a $200 million growth-stage fund, is backed by South Korea's KB Investment. It focuses on high-growth Indian startups in B2B SaaS, enterprise tech, consumer tech, fintech, and healthtech sectors.
(Disclaimer: The copy has been updated with additional details)
Edited by Suman Singh and Megha Reddy
