Astrology startup AstroTalk's profit jumps 1000% to Rs 100 crore in FY24

Noida-based digital astrology consultancy startup AstroTalk has reported a massive 1,000% increase in profits for the fiscal year ending March 2024.

According to its annual financial statement filed with the Registrar of Companies (RoC), the startup's profit surged by 1,080%, reaching Rs 99.99 crore.

This significant profit growth was driven by over 100% increase in revenue from operations, which rose to Rs 651.12 crore in FY24, up from Rs 283.32 crore in FY23.

Revenue breakdown

According to Entrackr's report, AstroTalk's impressive revenue figures stemmed from both domestic and international sources. The startup's income from Indian operations doubled to Rs 529.6 crore, while its revenue from overseas markets experienced an even greater leap, increasing 4.2 times to Rs 121.44 crore.

Additionally, the Noida-based startup generated Rs 8 crore from interest income, bringing its total revenue to Rs 659 crore in FY24.

Rising expenses

AstroTalk's growth came alongside a rise in expenses. Total costs increased by 97.9%, amounting to Rs 531 crore in FY24. Key contributors to this increase included employee benefit expenses, which rose 28.29% year-on-year to Rs 29.61 crore, representing 5.5% of the total expenses. Advertising and promotional costs surged by 116% to Rs 162.68 crore.

The most significant expense category was legal and professional fees, which constituted 60% of total expenses and increased by 103% to Rs 319 crore. Other notable expenses included finance, software, and website maintenance.

Funding and investors

In June, AstroTalk raised $9.5 million in an extension of its Series A funding round, bringing the startup's post-money valuation to $300 million.

The round was led by existing investors Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies and Elev8 Capital.

The startup initially raised $20 million in February 2024 in a Series A funding round led by Left Lane Capital.

Founded in 2017 by Puneet Gupta and Anmol Jain, Astrotalk is a globally managed marketplace that connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more.