Online Visa Platform Atlys Raises $12 Million in Series A Round
- ByStartupStory | September 21, 2023
Online visa application platform Atlys has successfully secured $12 million in a Series A funding round, the company announced on September 21. The funding round was led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital, with participation from existing investors, including Andreessen Horowitz (a16z), musical duo Chainsmokers, South Park Commons, Pinterest founders, and others.
Atlys, originally launched in the US in 2021, aims to streamline the visa application process for Indian travelers, capitalizing on the burgeoning travel market in the country. India is the second-largest visa market globally, outpacing even China, the largest visa market. The growth of direct flight options from India to numerous countries, coupled with the expanding economy and rising disposable income, has created favorable conditions for expansion in India.
Founder Mohak Nahta stated, “All these factors are tailwinds to grow in India. So, while we started in the US and have customers from 100 countries, the focus right now is to build a playbook and penetrate in India and then replicate across markets globally.”
The company had previously raised $5 million in seed funding in 2021. India’s travel market is on the rise, with over 10 million new passports issued annually and an increasing number of travelers looking to explore international destinations. Despite this growth, obtaining a visa remains a challenge for many, which Atlys seeks to address.
Atlys relies on its predictive engine to ensure timely visa processing. Nahta explained, “Till date we have processed 250,000 visas and with each visa we get 50-60 data points. The engine analyses the data point to predict accurately when a person will get his/her visa, and we also keep a check at what stage a visa is in the government process. That’s how 99.2 percent visas come on time.”
The online visa platform is committed to strengthening Indian passports, with Nahta stating, “We are trying to make Indians have one of the strongest passports.”
While other platforms like VFS Global and e-Visa India offer online visa services, Nahta believes the e-visa market is significant and rapidly growing. Over 65 percent of countries have transitioned to e-visas, commanding a 65 percent share of the total visa market valued at $40 billion. Atlys plans to expand its services from 65 countries to 150 countries in the next four to five months, with the aim of adding 30 more countries by the second quarter of 2024.
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