Atlys, an influential online visa processing platform, has concluded the Series B funding round with a successful raise of $20 million. The round was co-organized by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital, with the cooperation of existing stakeholders including Andreessen Horowitz, South Park Commons, and new investors like DST Global and Headline.
Funding Details
Atlys’s Series B round of $20 million is a major achievement, occurring only a year after its previous funding round of $12 million, led by both Elevation Capital and Peak XV Partners. This ongoing investment cycle underscores investors’ solid belief in Atlys’ ambition and trajectory for growth. The financial resources will be put to use to enhance the company’s expansion strategy both within India and internationally, as well as to explore potential revenue streams connected to forex and insurance initiatives.
As the company moves forward, it intends to attract elite talent primarily in product, engineering, and marketing to lead its expansion projects. Atlys will concentrate on broadening its range to encompass forex and insurance services, delivering a complete set of travel-related services to its users.
Meeting the evolving needs of travelers
Atlys has seen remarkable expansion since its launch, with a 20 times growth in the number of users over the past year. The platform has grown its presence in important global markets such as the United States, the Arabian Union Emirate, and the United Kingdom. The growth of this sector is encouraged by the increasing need for efficient and seamless solutions for visa processing, particularly in India where activity in international tourism is growing.
The travel needs of today’s travelers are what Atlys focuses on primarily. The platform seeks to minimize the time and energy needed for visa applications, affording users a precise timeline for visa arrival and significantly speeding up processing timelines. The innovative solution offered by Atlys has found a connection with travelers, especially from Tier 2 and Tier 3 cities in India, which have seen a notable increase in outbound travel.
The CEO of Atlys, Mohak Nahta said, “Since our last funding round we have grown 20X, we will be using funds from this round to continue our expansion strategy both in India and international markets. This will cross-selling opportunities as part of diversification strategy but our focus continues to be on visa processing. Our core focus remains on meeting the growing needs of travelers, particularly in India, where international tourism is booming.
A significant portion of this growth came from Tier 2 and Tier 3 cities, which contributed to 43 percent of the country’s outbound travel, reflecting a broader shift beyond metro-driven demand. More than 65 percent of growth is organic, no component of payment or cost there. India as a market is booming and we will continue to focus on that.”
Quotation Source: MoneyControl
Conclusion
The successful Series B funding round for Atlys proves the effectiveness of its innovative strategy and the rising need for efficient solutions for visa processing. Atlys is poised to maintain its growth and meet the evolving needs of modern travelers. Atlys’ dedication to simplifying the visa application process will undoubtedly be a key factor in shaping the future of international travel.
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