Atlys, a visa processing platform, has successfully secured $20 million in its Series B funding round. The funding was co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital, with participation from existing investors as well as new investors DST Global and Headline. This brings the total funds raised by Atlys to $40 million.
The company has experienced significant growth, expanding 20 times over the past year. Atlys has extended its reach to key global markets such as the US, UAE, and the UK, while also strengthening its leadership team with top-tier hires in product, engineering, and marketing.
With the fresh capital injection, Atlys plans to enhance its product and engineering capabilities, enter new markets, and scale operations globally. The company aims to meet the increasing needs of travelers, especially in India, where international tourism is on the rise.
Mohak Nahta, the founder and CEO of Atlys, expressed his excitement about the investment, stating that it will enable the company to scale globally and ensure travelers can obtain their visas efficiently. As outbound tourism from India continues to grow, the demand for a seamless visa process is more crucial than ever.
In 2023, global outbound international tourists totaled 1.3 billion, driven by rising international tourism and the adoption of digital travel solutions. The market is expected to grow at a compound annual growth rate (CAGR) of 10.5% over the next decade.
India saw 30 million travelers venturing abroad, a 20% year-on-year increase primarily due to a growing middle class and increased access to affordable travel options. Tier-II and Tier-III cities contributed significantly to this growth, indicating a shift beyond metro-driven demand.
Atlys utilizes automation to streamline visa applications for over 150 destinations, reducing rejections and processing times to as fast as 55 seconds. The company’s innovative approach has garnered praise from investors like Shraeyansh Thakur from Peak XV Partners, who sees Atlys as a potential broader travel services platform for global travelers.
Mayank Khanduja, a partner at Elevation Capital, commended Atlys for addressing the real pain points of global travelers and creating value in today’s fast-paced world. The long-term vision of Atlys in the travel space has garnered support from investors who believe in the company’s potential.
Overall, Atlys’ successful funding round marks a significant milestone in the company’s journey, positioning it for further growth and expansion in the global travel market.