SUMMARY
- Noida-based Astrotalk’s revenue from operations grew 2.3 times to Rs 651.12 crore in FY24.
- AstroTalk’s total cost grew by 97.9% to Rs 531 crore in FY24.
- AstroTalk achieved an 11.8 times YoY growth in profit reaching Rs 99.99 crore in FY24.
Updated: November 7, 2024
Astrotalk’s financial statements filed with the Registrar of Companies (RoC) show that its revenue from operations grew 2.3 times from Rs 283.32 crore in FY23 to Rs 651.12 crore in FY24.
The company’s income from India jumped by 2 times, reaching Rs 529.6 crore, while its revenue from overseas countries (exports) jumped by 4.2 times to Rs 121.44 crore in FY24. In addition to its operational income, AstroTalk earned an extra Rs 8 crore from interest, taking its total revenue to Rs 659 crore in FY24.
Employee benefit expenses accounted for 5.5% of the total expense and increased by 28.29% YoY to Rs 29.61 crore in FY24. Advertising and promotional expenses increased by 116% to Rs 162.68 crore in FY24.
Notably, legal and professional charges accounted for 60% of the total expense, which increased by 103% to Rs 319 crore in FY24. Other expenses, such as finance, software, and website maintenance, widened AstroTalk’s total cost by 97.9% to Rs 531 crore in FY24.
AstroTalk achieved an 11.8 times YoY growth in profit reaching Rs 99.99 crore in FY24. The company’s ROCE and EBITDA margin stood at 40.16% and 19.42%, respectively. On a unit level, AstroTalk spent Rs 0.82 to earn a rupee of operating revenue in the year under review.
Updated: September 27, 2024
Online astrology platform AstroTalk‘s profits have tripled to Rs 94 crore in FY24 from Rs 27 crore in FY23.
The revenue generated by AstroTalk in FY24 soared by 133.6% over twofold to Rs 659 crore from Rs 282 crore reported in the fiscal year before.
These stats were announced by AstroTalk’s cofounder, Anmol Jain, in a LinkedIn post dated September 27.
AstroTalk is on the cusp of venturing into the spirituality ecommerce sector with a new initiative. This expansion into spiritual ecommerce represents diversification for AstroTalk, which has traditionally focused its efforts on providing online astrology services.
Moreover, AstroTalk has shared its ambition to achieve a revenue target of Rs 100 crore within a few months and is actively in the process of hiring a Chief Marketing Officer (CMO) to lead these efforts.
In June, AstroTalk secured Rs 110 crore in funding, with the aim of broadening its product offerings and enhancing its presence in regional languages. Earlier in February, the platform raised $20 million in its Series A funding round from New York-based VC firm Left Lane Capital.
At the time of the funding announcement, it was stated that the funds would be used for the acquisitions aimed at expanding into international markets, establishing new business verticals, and securing senior leadership positions.
90% of AstroTalk’s revenue is derived from consultations, where users pay per minute to engage with astrologers.
The platform currently has a community of over 15,000 active astrologers and has served more than 4 crore users to date.
AstroTalk competes in a crowded market, including established players such as Astrosage, AstroYogi, AstroBuddy, Ganeshaspeaks, AppsForBharat, and independent astrology service providers.
The financial performance of AstroTalk in FY24 hints at the growing popularity of astrology consultations within the online space.
An EMR study estimates the Indian religious and spiritual market to be valued at Rs 58.56 billion in 2023, with projections of a compound annual growth rate (CAGR) of 10% between 2024 and 2032, reaching a value of approximately Rs 150 billion within the next decade.
Original: September 20, 2024
Noida-based AstroTalk has reportedly more than doubled its operating revenue to Rs 651 crore in FY24. This growth was achieved as the online astrology platform broadened its presence in both domestic and international markets. This has come in the midst of a surge in India’s astrology sector, fueled by technological progress and changes in consumer behavior.
According to ET, based on financial reports, the company also experienced a significant increase in its net profit, rising over tenfold to Rs 94 crore in FY24. Note that AstroTalk has not yet submitted its financial statements to the Registrar of Companies (RoC).
Established in 2017 by Anmol Jain and Puneet Gupta, AstroTalk is an online astrology startup that provides fortune-telling services to its target demographic.
Cofounder Anmol Jain mentioned that the company was able to efficiently expand its operations while keeping its operational costs in check, which led to an improvement in profit margins.
At present, AstroTalk conducts around 4.5 million paid consultations with astrologers each month, with a focus on marriage advice and employment inquiries, in addition to hosting approximately 6 million complimentary consultations.
The company has secured $30 million in funding from its key investors, including New York-based Left Lane Capital and Elev8 Ventures, placing it at a valuation of $300 million.
Looking forward, Jain has indicated that AstroTalk plans to pursue organic growth in the coming year through potential acquisitions. The startup is aiming to go public by 2026, added Jain.
In FY24, AstroTalk also widened its marketing budget, with expenditures rising to Rs 157 crore from Rs 74 crore in the previous fiscal year. The cost of employing staff also increased, reaching Rs 30 crore, up from Rs 23 crore in FY23.
Earlier this year, AstroTalk ventured into offering e-puja services, entering a competitive landscape with other companies like Vama, Utsav, and DevDham (formerly known as DevDarshan).
This move follows AstroTalk’s efforts to enhance its marketing strategies for its new venture in the spiritual e-commerce sector.
Astrotech platform Astroyogi has filed a lawsuit against AstroTalk, alleging unauthorized use of the ‘Astroyogi’ trademark. The former claims that AstroTalk has been using its trademark name across various horoscope categories, leading to a conflict with its services.
At the moment, AstroTalk’s international markets account for nearly 20% of its revenue, with its e-commerce division contributing 5% to its overall sales, offering products such as gemstones and items necessary for astrological rituals.
