Visa Processing Platform Atlys Raises $20 Million in Series B Funding Led by Peak XV and Elevation Capital
- ByStartupStory | September 24, 2024
Atlys, a platform specializing in visa processing, announced on Tuesday that it has raised $20 million in its Series B funding round. The round was co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital. Existing investors, along with new participants DST Global and Headline, also took part in the funding.
Founded in 2021, Atlys plans to use the new capital for its global expansion, which includes entering new markets and scaling operations. The company has already expanded its footprint into the US, UAE, and UK markets.
Commenting on the fundraising, Mohak Nahta, Founder and CEO of Atlys, said the company has experienced a 20x growth in the last 12 months.
“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.
Atlys highlighted the growing demand for international travel, pointing to a report by the UN World Tourism Organization (UNWTO) which revealed that global outbound international tourists totalled 1.3 billion in 2023. This growth was driven by expanding expatriate communities, increasing international tourism, and the adoption of digital travel solutions. The market is expected to grow at a compound annual rate of 10.5% over the next decade, according to the January 2024 report.
“In India, 30 million travellers ventured abroad, marking a 20% year-on-year increase, largely propelled by a growing middle class and greater access to affordable travel options. A significant portion of this growth came from Tier 2 and Tier 3 cities, which contributed to 43% of the country’s outbound travel, reflecting a broader shift beyond metro-driven demand,” the report noted.
Shraeyansh Thakur, Principal at Peak XV Partners, shared his excitement about the partnership and Atlys’ potential to expand beyond visas into broader travel services.
“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,” said Thakur.
Follow Startup Story
Related Posts
