On-demand spiritual tech startup Astrotalk raises $20M led by New York's Left Lane Capital

On-demand spiritual tech startup Astrotalk has raised $20 million in a Series A funding round led by Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies.

Connecting consumers with astrologers 

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 claims to have over 15,000 active astrologers and has served more than 4 crore users till date, making it the category leader in the online astrology segment.

Eyeing international expansion 

“Astrotalk is a 'Made in India, Built for the World' company, eyeing expansion across the US, Canada, UK & Middle East. One-on-one consultations stand to be approximately 95% of our revenue with about 20% of the revenues coming from outside of India,” said Puneet Gupta, Founder and CEO of Astrotalk.

“Our aim is to take India's ancient Vedic sciences across the globe, and our partnership with Left Lane marks the beginning of this journey," he said.

What is the purpose of fundraising?

With this round of funding, Astrotalk will utilize the funds for strategic acquisitions to expand in international markets, solidify new business verticals, and hire senior leadership roles, as per the company's statement. 

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

What do investors say about Astrotalk?

“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. Astrotalk grew, in a bootstrapped fashion, to the undisputed local market leader for digital astrology practice in India, the birthplace of the practice; we are highly confident in their abilities to achieve similar success on a global playing field,” said Harley Miller, CEO and Managing Partner of Left Lane Capital.

Building a leadership team 

Currently, Astrotalk is building a strong leadership team to head new business verticals and is actively hiring. The startup expects to scale its employee base with the new funding round.

Astrotalk has an ESOP in place to allow all employees, irrespective of their tenure and designation, to participate in the future success of the business. Additionally, the company is planning an ESOP buyback to create wealth for its employees.

“The team has continued to relentlessly execute with minimal external funding. By hiring top-tier talent, launching new initiatives and doubling down on global expansion, Astrotalk can become a household brand,” said Arjun Kapur, investor at Left Lane Capital.

Elluminate Capital acted as the exclusive financial advisor to Astrotalk for this funding round. 

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