On-demand spiritual tech startup Astrotalk raises $9.5M led by Left Lane Capital, Elev8 Capital: Report

On-demand spiritual tech startup Astrotalk has raised $9.5 million in an extension of its Series A funding round, valuing the startup at $300 million post-money.

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 board at AstroTalk has passed a special resolution to issue 5,067 compulsory Convertible preference shares to raise Rs 78.3 crore or $9.5 million, Entrackr reported citing its regulatory filing accessed from the RoC shows.

Who invested, and how much?

The report said that Left Lane Capital contributed Rs 58.3 crore, while Elev8 Capital participated with Rs 20 crore. The funding seems to be part of a larger round, as AstroTalk is reportedly in discussions to raise an additional $30 million. 

The funding comes nearly four months after it raised $20 million in a Series A round led by Left Lane Capital.

What does Astrotalk do?

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.

The startup's business model primarily relies on revenue generated from consultations, where users pay per minute to talk to astrologers. This consultation service accounts for 90% of the company's revenue.

Is it profitable?

AstroTalk's FY23 revenue grew by 146% to reach Rs 283 crore, while its profits surged by 41.7% to Rs 8.5 crore.

The platform, which allows users to consult with astrologers, tarot readers, numerologists, and Vastu experts, claims to have 13,000 professionals offering their services.

The startup projects to end FY24 with Rs 650 crore in revenue and Rs 100 crore in profit.