Visa processing platform Atlys on Tuesday said it has raised $20 million in its Series B funding round co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital. The round also saw participation from all existing investors along with new investors DST Global and Headline.
Founded in 2021, Atlys said the latest capital will be deployed for the company’s expansion including entering new markets and scaling operations globally. It has already expanded to the US, UAE, and the UK markets.
Speaking on the fundraising, Mohak Nahta, Founder and CEO of Atlys said the company has seen 20x growth over 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,” he said.
The company said global outbound international tourists totalled 1.3 billion in 2023 on the back of growing international tourism, expanding expatriate communities, and the increasing adoption of digital travel solutions.
As per a January 2024 report by the UN Tourism (UNWTO), the market is likely to surge at a compound annual growth rate of 10.5 per cent over the next decade.
“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.
“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 Shraeyansh Thakur, Principal, Peak XV Partners.