
Online visa application platform Atlys is in discussions to secure a new funding round of $15-18 million, sources familiar with the matter informed Untrack. The company, based in Mumbai and San Francisco, is pursuing its Series B round within a year of its Series A raise.
"Atlys has begun discussions with existing investor Peak XV and others to raise the Series B round. The negotiations are in the early stages and could take a few months to finalize," said a source who requested anonymity.
In September of last year, Atlys raised $12 million in a Series A round led by Elevation Capital and Peak XV Partners, with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders, and others. To date, it has raised over $17 million.
"The round will be led by Peak XV and is expected to value Atlys at around $70 million or more," mentioned another source.
Founded in 2021, Atlys aims to streamline the visa application process, reducing rejection rates with its technology. The platform covers over 150 destinations and averages just over 4-10 minutes to complete a visa application.
According to sources, Atlys handles around 30,000 visa applications per month, with India accounting for over 60% (20,000) of these applications. Earlier this year, the company introduced a refund feature to provide financial security for users if their visa is rejected.
Responding to Entrackr’s inquiries, Atlys founder and CEO Mohak Nahta stated, "We want to clarify that we are not currently engaged in any fundraising activities, and reports or rumors suggesting otherwise are inaccurate." Peak XV did not respond to queries.
Atlys competes with Gurugram-based Visa2Fly and Mumbai-based StampThePassport. Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders), and others in July 2022, while StampThePassport raised $500K in September last year.
Comments