Atlys, a fast-growing visa processing platform, has raised $20 million in its Series B funding round, co-led by Peak XV Partners and Elevation Capital, positioning itself for aggressive global expansion and product enhancement.
Indan startup, Atlys, has successfully raised $20 million in its Series B funding round, with Peak XV Partners and Elevation Capital leading the investment. This round also saw contributions from existing backers, as well as new participants like DST Global and Headline.
According to Atlys, the fresh injection of capital will be directed toward expanding its reach into new markets, scaling operations, and enhancing its product and engineering capabilities. This latest funding round follows its earlier Series A raise of $12 million in September 2023 and a $4.25 million seed funding round in October 2021.
Founded three years ago, Atlys aims to simplify visa application processes with technology that promises to reduce rejection rates and cut processing times to as fast as 55 seconds. Currently covering over 150 destinations, the platform enables users to complete visa applications in an average of just 4-10 minutes.
The company has established a strong presence in key global markets, including the US, UAE, and the UK, and has strengthened its leadership across product, engineering, and marketing departments. Sources indicate that Atlys processes approximately 30,000 visa applications monthly, with India contributing over 60% of this volume, accounting for around 20,000 applications.
Although Atlys has not disclosed specific revenue figures, the startup claims to have experienced a remarkable 20x growth in the past year.
According to a report from UNWTO, India witnessed a significant surge in outbound travel in 2023, with 30 million travelers venturing abroad, marking a 20% year-on-year increase. A noteworthy 43% of this growth originated from tier II and tier III cities, emphasizing the potential for visa processing platforms like Atlys to tap into this expanding market.