Visa processing platform Atlys has successfully raised $20 million in a Series B funding round, led by Peak XV Partners and Elevation Capital, with additional participation from both existing and new investors, including DST Global and Headline.
The capital will fuel Atlys’ expansion initiatives, strengthen its product and engineering teams, and support its entry into new markets.
About Atlys
Atlys, founded 3 years ago by Mohak Nahta, aims to simplify and expedite visa processes, minimizing rejection rates and reducing processing times to as fast as 55 seconds. Currently, Atlys caters to over 150 destinations and processes approximately 30,000 visa applications per month. More than 60% of these applications come from India, where the platform has established a strong foothold.
The company has seen remarkable growth, reportedly expanding 20x in the past year, although specific revenue figures have not been disclosed. This latest funding round follows previous investments, including $12 million in Series A funding in September 2023 and $4.25 million in seed funding in October 2021.
The visa processing market is competitive, with Atlys going head-to-head with rivals such as Visa2Fly, which raised $414K in pre-seed funding in July 2022, and StampThePassport, which raised $500K later that year. Despite this competition, Atlys has distinguished itself through technological innovation and a focus on global expansion.
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Atlys’ growth is occurring against the backdrop of significant expansion in India’s outbound travel sector. According to a report from the UN World Tourism Organization (UNWTO), India saw 30 million outbound travelers in 2023, reflecting a 20% year-on-year increase. Notably, much of this growth is coming from tier II and tier III cities, which now account for 43% of the country’s outbound travel. Atlys is well-positioned to capitalize on this surge by streamlining visa applications for these growing markets.
With this new funding, Atlys aims to continue its global expansion and solidify its position as a leader in the visa processing industry. The company is poised to further innovate in the space, offering faster, more reliable services that meet the growing demand for simplified visa procedures worldwide.
