Visa processing startup Atlys raises $20 million in a Series B round

Visa application startup Atlys has raised $20 million in a Series B funding round exactly a year after it raised $12 million in a Series A round.

The latest round, which brings the startup’s total funding to over $48 million, was led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital.

Existing investors, including Andreessen Horowitz and South Park Commons, also participated alongside new backers such as DST Global and Headline.

Purpose of fundraising

With this round of funding, the three-year-old

Visa application startup Atlys has raised $20 million in a Series B funding round exactly a year after it raised $12 million in a Series A round.

The latest round, which brings the startup’s total funding to over $48 million, was led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital.

Existing investors, including Andreessen Horowitz and South Park Commons, also participated alongside new backers such as DST Global and Headline.

Purpose of fundraising

With this round of funding, the three-year-old startup aims to enhance its global operations, expand into new markets, and strengthen product and engineering capabilities. 

Since its previous funding round, Atlys claims to have seen a remarkable 20x growth. Notably, it has expanded into key global markets, including the United States, the UAE, and the UK.

The startup also plans to hire leadership talent and explore new revenue streams, including forex and insurance, as part of a broader diversification strategy. However, the core focus will remain on visa processing. 

Addressing the growing travel market

Founded by Mohak Nahta, Atlys is an online visa platform that covers over 150 destinations and claims to reduce visa rejection rates while shortening the processing time to just 55 seconds. 

“This investment will enable us to continue scaling globally and ensure that travellers can obtain their visas on time, every time. As India’s outbound tourism surges, the need for a seamless, on-time visa process is more critical than ever. We are one step closer to a world where borders no longer restrict exploration,” Nahta said.

The startup said that the global tourism industry saw 1.3 billion outbound travelers in 2023, driven by rising international tourism and the expanding expatriate community. According to a report by the UN Tourism (UNWTO), the market is expected to grow at a compound annual growth rate (CAGR) of 10.5% over the next decade.

India's booming tourism sector

The report also said the country's outbound tourism saw a 20% year-on-year growth in 2023, with 30 million travelers venturing abroad. A significant portion of this growth came from Tier 2 and Tier 3 cities, which accounted for 43% of the country’s outbound travel, indicating a shift in demand beyond metro areas.

Atlys has positioned itself to capitalize on this trend, with India contributing over 60% of the platform’s visa applications.

Shraeyansh Thakur, Principal at Peak XV, added, “Travel continues to see strong tailwinds globally and our thesis is that visas are just the starting point. We believe Atlys can go on to become a broader travel services platform for a range of use cases for travellers globally, and we are excited to deepen the partnership with Mohak and the Atlys team on this journey.”

Mayank Khanduja, Partner at Elevation Capital, said, “Atlys is one of the most innovative products to emerge in the travel space in a long time—a space where many have focused on transaction revenue without addressing the real pain points of global travellers. We believe in their long-term vision and the value they are creating, for global travellers in today’s fast-paced world. This new round of funding is a testament to the progress they’ve made, and we’re excited to support them as they scale into new markets and continue redefining what seamless travel looks like. ”