Online visa application platform Atlys is in talks with potential investors to help in raising a new funding round of $15-18 million. The Series B comes within a year of their Series A fundraising effort.
Sources have revealed that the firm has already begun talks with its current investors including Peak XV. However, the discussions are still in the early stages and could probably may take a couple of months time to finalize.
Atlys raised $12 million in their Series A round held last September. The funding was led by Elevation Capital and Peak XV Partners. The other investors included Andreessen Horowitz (a16z), the musical duo Chainsmokers, South Park Commons and Pinterest founders. Atlys has so far raised over $17 million.
If believed to a source, the new funding round could value Atlys at around $70 million.
Atlys was founded in 2021 and it basically aims to simplify the visa application process. It will make the process faster and simultaneously reduce the chances of visa rejections. The platform now covers over 150 destinations. It is learned that the applications take just 4-10 minutes to complete on average on the platform.
Atlys processes around 30,000 visa applications each month. More than fifty percent applications are from India. Atlys introduced earlier this year a refund feature to offer financial protection to users if the visa applications are rejected.
Atlys founder and CEO Mohak Nahta stated that the company is not currently engaged in any fundraising activities. He added that reports suggesting otherwise are in fact inaccurate.
Atlys faces competition from other visa application platforms including Gurugram-based Visa2Fly and Mumbai-based StampThePassport. Visa2Fly raised $414K in July 2022. StampThePassport raised $500K in September 2023.
