Atlys to Raise $15-18 Million in Series B Round Led by Peak XV Partners
Atlys is an online visa application platform planning to raise $15 to $18 million in a Series-B round from Peak XV partners. Entrackr reported that this Mumbai and San Francisco-based startup plans to raise its series-B round. Last year, the startup raised $12 million in a series A round led by Peak XV partners and Elevation Capital. The company has raised over $17 million in all its funding rounds.
A person close to this deal told Entrackr that Peak XV partners will lead the round, and after this round, Atlys is expected to have a valuation of more than $70 million. This startup, founded by Mohawk Nahta, claims to be a trusted global platform with 99.5% on-time delivery for more than 150 destinations. The company provides an online platform to make getting a visa easy, fast, and secure. The platform can be accessed from anywhere, with a simple click of photo and scanning of documents. This app allows its users to complete online visa applications in minutes.
Entrackr reported that the platform proceeds more than 30,000 Visa applications monthly, with India’s contribution being more than 60 percent. The startup recently launched a feature to provide financial security to return the money in case the visa application gets rejected. The CEO and founder of Atlys, Mohak Nahta, told Entrackr that the company is not currently engaging in any fundraising activity. According to the source, this series B funding round will be led by Peak XV and may close in two months.
The startup claims to have processed over 5 lakh visas and enabled e-visa applications for more than 100 countries, including India, UAE, Japan, Australia, Russia, and Argentina. The latest feature allows users to refund up to Rs 8,000 if the visa is rejected. The global e-visa market is predicted to grow and reach $4.03 billion by 2031. Atlys competes with other B2B and B2C companies, including VisaHQ, Visa2Fly, and stampThePassport.
Conclusion
An e-visa-providing platform startup, Atlys plans to raise $15-18 million in its series B round with the help of Peak XV partners. Last year, the startup raised $12 million in a series A round led by Peak XV partners and Elevation Capital. The company provides an online platform to make getting a visa easy, fast, and secure. The platform can be accessed from anywhere, with a simple click of photo and scanning of documents.
This app allows its users to complete online visa applications in minutes. The latest feature allows users to refund up to Rs 8,000 if the visa gets rejected. After the series B funding round and after this round, Atlys is expected to have a more than $70 million valuation. The CEO and founder of Atlys, Mohak Nahta, told Entrackr that the company is not currently engaging in any fundraising activity.
