Visa processing platform Atlys raises $20 million in Series B funding
Mohak Nahta, CEO and Founder, Atlys
Visa processing platform Atlys today announced that 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 saw participation from all existing investors, alongside new investors DST Global and Headline.
With this, the total funds raised by the company so far is $40 million.
This new funding marks a pivotal milestone in Atlys’ journey, with the company experiencing 20x growth over the past year, the company said. The platform has expanded its footprint in key global markets, including the US, UAE, and the UK, while strengthening its leadership team with top-tier hires in product, engineering, and marketing.
The fresh capital will fuel Atlys’ expansion strategy, empowering the company to enhance its product and engineering capabilities, enter new markets, and scale operations globally. A core focus remains on meeting the growing needs of travellers, particularly in India, where international tourism is booming.
“Atlys has seen extraordinary 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,” said Mohak Nahta, founder and CEO of Atlys.
In 2023, global outbound international tourists totalled 1.3 billion, fuelled by rising international tourism, expanding expatriate communities, and the increasing adoption of digital travel solutions. With these drivers, the market is expected to grow at a compound annual growth rate (CAGR) of 10.5 per cent over the next decade.
In India, 30 million travellers ventured abroad, marking a 20 per cent 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-II and Tier-III cities, which contributed to 43 per cent of the country’s outbound travel, reflecting a broader shift beyond metro-driven demand.
Atlys leverages automation to streamline visa applications for over 150 destinations. It has been successful in reducing rejections and cutting processing times to as fast as 55 seconds, the company claimed.
Shraeyansh Thakur, principal at Peak XV Partners, added, “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.”
Mayank Khanduja, partner at Elevation Capital, said, “Atlys is one of the most innovative products to emerge in the travel space in a long time—a space where many have focused on transaction revenue without addressing the real pain points of global travellers. We believe in their long-term vision and the value they are creating for global travellers in today’s fast-paced world.”
First Published: Sep 24 2024 | 6:10 AM IST