Online astrology platform AstroTalk is in process to mop up $25-30 million in its maiden institutional round, sources aware of the development told Entrackr. This will be one of the largest funding rounds for an astrology-based startup in India.
“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.”
The six-year-old company had previously raised around $800K from Kunal Shah-led Qed Innovation Labs in August 2021. According to sources, a Cayman Island-based VC cum PE firm is also in conversation to join this round but it’s yet to give a term sheet to Astrotalk.
Queries sent to AstroTalk and Edelweiss didn’t elicit any immediate response. We will update the story in case they respond.
AstroTalk is a platform to consult astrologers via the internet, call and chat and claims to have 13,000 astrologers, tarot readers, numerologists, vastu experts on its platform. The platform lets you connect with the aforementioned experts for future predictions related to marriage, love life, career and health among others.
In FY22, AstroTalk booked revenue of Rs 115.36 crore with Rs 5.74 crore profit. While the company is yet to file its FY23 numbers, sources say that it closed FY23 with more than Rs 280 crore in revenue and nearly Rs 30 crore in profit.
In a recent post on LinkedIn, AstroTalk’s founder and CEO Puneet Gupta highlighted that the company’s ARR is Rs 550 crore with PAT (profit after tax) of Rs 100 crore. Sources further indicate that the company has already made Rs 25 crore profit in the first quarter of the ongoing fiscal year (Q1 FY24).
The startup competes with the likes of Vama, MyPandit, InstaAstro, among others.
