- By Vaamanaa Sethi
- Thu, 21 Sep 2023 04:53 PM (IST)
- Source:JND
Online visa application platform Atlys has raised $12 million in a Series A round of funding, the company announced on Thursday, as it is looking to focus on growth in India.
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, among others.
Also read: SJVN Share Price Tanks 10% After Govt Launches OFS To Sell Over 2% Equity At Discount
Started in US 2021, the platform is looking to cut down the time spent by Indian travellers on applying and getting a visa, betting big on the growing travel market in the country.
The company had previously raised $5 million in seed round of funding earlier in 2021.
“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," founder Mohak Nahta said in a statement.
According to Nahta, India is the second largest visa market in the world and it is growing faster than China. The increase in direct flights from India to various countries is enabling Indians to explore new destinations, and the expanding economy is providing individuals with greater disposable income, he said.
The online visa platform is banking on its predictive engine to deliver visas on time.
"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% visas come on time,” Nahta said.
Over 65% of countries have transitioned to e-visas, and the global visa market, valued at $40 billion, is predominantly dominated by e-visas, accounting for 65 percent of the share.