Venture capital firm Elev8 Venture Partners has backed spiritual technology startup Astrotalk, the company announced in a statement. The investment totalled $14 million led by Elev8 who invested $7 million and also included a mix of primary and secondary investments. The latest fund comes around four months after the company raised $20 million in February this year led by Left Lane.
Astrotalk said it will deploy the latest capital towards growing its offerings in regional languages and formats, increasing its global presence, and expanding its team.
Speaking on the new funding round, “Puneet and Anmol (founder) have done an extraordinary job building such a rapidly growing and substantial organisation in a short period. At Elev8, we firmly believe that there is significant growth potential left for the company. The management has exciting plans to create a high-growth, sustainable organisation in a unique sector,” said Navin Honagudi, Managing Director and Founding General Partner, Elev8 Venture Partners.
Founded in 2017 by Anmol Jain and Puneet Gupta, Astrotalk said it has more than 4.5 million active users, over 20,000 astrologers, and over 7.5 lakh monthly transacting users.
The company provides vedic-based astrology services, vastu, tarot card reading, and online puja. Additionally, it is looking to grow its product offerings by selling certified Vedic wearables such as gemstones and crystals.
“With Elev8’s support, we have a local domestic institution that believes in our journey and vision. We are advancing our growth plans, and soon Astrotalk will not only be a category leader in India but also on the global stage,” said Puneet Gupta, Founder of Astrotalk.
Elev8 Venture Partners is a $200 million maiden growth-stage fund led by South Korea’s KB Investment to back startups with potential to expand globally. The fund focuses on sectors including B2B SaaS, enterprise tech, consumer tech, fintech, and healthcare tech.
According to the Redseer Strategy Consultants, India’s online astrology market is expected to grow from estimated $102-106 million in FY24 to $930-1070 million by FY30.