Online visa application platform Atlys raises $12 million in Series A
Atlys, an online visa application platform, has secured $12 million in a Series A funding round, with a significant focus on driving growth in India. The funding round was led by Peak XV Partners, formerly known as Sequoia Capital India, and Elevation Capital. Existing investors, including Andreessen Horowitz (a16z), the musical duo Chainsmokers, South Park Commons, and Pinterest founders, also participated in the funding round.
Launched in the United States in 2021, Atlys aims to streamline the visa application process for Indian travelers, with a particular emphasis on reducing the time and effort required to apply for and obtain a visa. The startup is positioning itself to take advantage of the expanding travel market in India, where there is increasing demand for more efficient and user-friendly visa application services.
This funding infusion will likely enable Atlys to further develop and expand its platform, catering to the needs of Indian travelers and contributing to the growth of the travel industry in the country.
India has emerged as the second-largest visa market globally, and it is experiencing rapid growth, outpacing even China, which currently holds the title of the largest visa market. Mohak Nahta, the founder of Atlys, highlighted the factors contributing to this growth.
The expansion of direct flight options from India to numerous countries has made international travel more accessible to Indian travelers. This increased connectivity has encouraged Indians to explore new and diverse destinations, leading to a surge in visa applications.
Furthermore, India’s growing economy has resulted in higher disposable income for many individuals. As a result, more Indians are now in a position to travel internationally, contributing to the significant growth in the visa market.
These factors collectively indicate a promising outlook for the travel and visa services industry in India, making it an attractive market for innovative platforms like Atlys that aim to streamline and simplify the visa application process for travelers.
Atlys is strategically focusing on the Indian market due to the favorable conditions for growth. Founder Mohak Nahta expressed that the combination of various factors, including the increasing number of direct flights from India to various countries, the eagerness of Indian travelers to explore new international destinations, and the growth of India’s economy leading to greater disposable income, creates a conducive environment for expansion.
While Atlys initially launched in the United States and has customers from 100 countries, its current emphasis is on building a playbook and establishing a strong presence in India. The company’s plan is to successfully penetrate the Indian market and then replicate its model in other global markets.
Notably, Atlys had previously raised $5 million in a seed funding round in 2021, indicating investor confidence in its growth potential.
India’s travel market is indeed on the rise, with over 10 million new passports being issued annually, indicating a growing number of travelers eager to explore international destinations. However, visa application processes have often posed challenges, which Atlys aims to address by streamlining and simplifying the process for Indian travelers.
Atlys is leveraging its predictive engine as a key component of its online visa platform to ensure timely visa processing. Founder Mohak Nahta explained how the platform utilizes data to enhance the visa application process.
To date, Atlys has processed 250,000 visas, each generating 50-60 data points. The platform’s predictive engine analyzes this data to accurately forecast when an individual will receive their visa. It also monitors the progress of each visa through the government process, ensuring that 99.2% of visas are delivered on time.
The majority of information required for visa applications is standard, and Atlys continuously leverages the data collected from travelers who use the platform to improve its predictive capabilities.
By streamlining and optimizing the visa application process, Atlys aims to contribute to making Indian passports among the most powerful and efficient for international travelers. This focus on efficiency and reliability is critical in facilitating hassle-free international travel for Indian passport holders.
Atlys recognizes the significant growth potential in the e-visa market, even though there are other platforms offering online visa services such as VFS Global and e-Visa India. Mohak Nahta emphasized that the e-visa sector is a rapidly expanding market, with more than 65% of countries transitioning to e-visa systems.
The total global visa market is valued at $40 billion, and e-visas already command a substantial 65% share of this market. To capitalize on this growth, Atlys is making strategic moves to expand its reach and supply.
The startup plans to double the number of countries it serves, increasing from 65 to 150 countries within the next four to five months. Additionally, Atlys aims to add 30 more countries to its portfolio by the second quarter of 2024. These expansion efforts are aligned with Atlys’s goal of becoming a prominent player in the evolving and dynamic e-visa market.
