Astrotalk Raises Rs 55 Crore from Elev8 Venture Partners
Jun 03, 2024 21:12
Astrotalk, an online astrology and mental wellness platform, has secured Rs 55 crore funding from Elev8 Venture Partners. This investment will fuel Astrotalk's expansion into regional languages, global markets, and new product offerings.
Mumbai, Jun 3 (PTI) Online astrology and mental wellness platform Astrotalk has secured Rs 55 crore (USD 7 million) capital from Bangalore-based growth-stage fund Elev8 Venture Partners in a total funding round of Rs 110 crore, a statement said on Monday.
This is the second investment by Elev8 Venture Partners from its maiden fund into the company, it said.
Elev8 Venture Partners is a USD 200 million maiden growth-stage fund anchored by South Korea's KB Investment. The fund invests in high-growth Indian startups with the potential to scale globally. Elev8 focuses on sectors including B2B SaaS, Enterprise Tech, Consumer Tech, FinTech, and Healthcare Tech.
"This investment round totals Rs 110 crore (USD 14 million), led by Elev8, who has invested Rs 55 crores and includes a mix of primary and secondary investments," the statement said.
With the funds raised, Astrotalk plans to expand its offerings in regional languages and formats, increase its global presence, and expand its team, it said.
Founded in 2017, Astrotalk claims to have over five million active users and over 1,000,000 monthly transacting users.
While primarily serving Indian customers, the company is quickly expanding its global presence, according to the statement.
"With Elev8's support, we have a local domestic institution that believes in our journey and vision. We are advancing our growth plans, and will be launching newer apps, geographies and categories this year, thus cementing our position as the largest Spiritual-tech company in India " said Puneet Gupta, Founder of Astrotalk.
The Astrotalk also plans to expand its product offerings by selling certified Vedic wearables such as gemstones and crystals, the company said.
"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 of Elev8 Venture Partners.
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