In an impressive move to enhance its services, Atlys, a cutting-edge visa processing platform, has successfully raised $20 million in its Series B funding round. This significant investment was co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital, with contributions from existing investors and new entrants like DST Global and Headline. This brings Atlys’ total funding to $40 million.
Major Growth and Market Expansion
Atlys has reported an astounding 20x growth over the past year, attributing this success to its strategic expansion into key global markets such as the U.S., UAE, and UK. The fresh capital will drive Atlys’ ambitious expansion strategy, enhancing its product and engineering capabilities, entering new markets, and scaling operations globally.
Meeting the Needs of Modern Travelers
The rise in international tourism is a crucial factor driving Atlys’ growth. In 2023, the global outbound tourism market saw 1.3 billion international tourists, spurred by increasing expatriate communities and the growing adoption of digital travel solutions. India alone accounted for 30 million travelers venturing abroad, marking a 20% year-on-year increase. A noteworthy portion of this growth is emerging from Tier-II and Tier-III cities, which now represent 43% of the country’s outbound travel.
Mohak Nahta, founder and CEO of Atlys, stated, “This investment will enable us to continue scaling globally and ensure that travelers can obtain their visas on time, every time. As India’s outbound tourism surges, the need for a seamless, on-time visa process is more critical than ever.”
Automation and Efficiency
Atlys has harnessed automation to streamline visa applications for over 150 destinations, significantly reducing rejection rates and processing times to as fast as 55 seconds. This efficiency is particularly beneficial as the demand for quicker and hassle-free visa services grows alongside the booming tourism industry.
Strategic Partnerships and Future Vision
Shraeyansh Thakur, principal at Peak XV Partners, expressed confidence in Atlys’ vision, saying, “Travel continues to see strong tailwinds globally, and our thesis is that visas are just the starting point. We believe Atlys can become a broader travel services platform for various use cases for travelers globally.”
Mayank Khanduja, partner at Elevation Capital, praised Atlys for its innovative approach to addressing travelers’ pain points. “Atlys is one of the most innovative products to emerge in the travel space in a long time. We believe in their long-term vision and the value they are creating for global travelers.”
Conclusion
With its latest funding round, Atlys is well-positioned to transform the visa processing landscape, enhancing the travel experience for millions. As international travel continues to grow, Atlys is set to become a key player in facilitating smoother, faster, and more efficient visa services worldwide.
