Atlys, the Mumbai and San Francisco-based online visa application platform, is reportedly in discussions to secure a new funding round ranging between $15-18 million, according to sources familiar with the matter. The Series B raise comes within a year of the company’s Series A funding.
Sources suggest that Atlys is in early talks with existing investor Peak XV and other potential backers to spearhead the Series B round, a process expected to unfold over the next couple of months.
Last September, Atlys successfully closed a $12 million Series A round led by Elevation Capital and Peak XV Partners, along with participation from notable investors like Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, and Pinterest Founders. To date, Atlys has secured over $17 million in funding.
The upcoming Series B round, anticipated to be helmed by Peak XV, could potentially value Atlys at around $70 million or higher, as per insiders.
Established in 2021, Atlys has developed technology aimed at simplifying visa-related processes and reducing visa rejection rates. With coverage spanning over 150 destinations, the platform boasts an average application time of just over 4-10 minutes.
Sources indicate that Atlys processes approximately 30,000 visa applications monthly, with India contributing over 60% of the total applications.
Earlier this year, Atlys introduced a new refund feature designed to provide financial security to users in case their visa applications are rejected.
Responding to queries, Atlys founder and CEO Mohak Nahta clarified that the company is currently not engaged in any fundraising activities, refuting rumors suggesting otherwise.
Queries directed to Peak XV remained unanswered at the time of reporting. Atlys faces competition from Gurugram-based Visa2Fly and Mumbai-based StampThePassport, both of which have also secured funding in recent times.
Source: Entrackr
