Insights Latest

Peak XV in Talks to Lead New Round in Visa Startup Atlys

startupstorymedia

Mumbai and San Francisco-based online visa application platform Atlys is reportedly in discussions to raise a new funding round estimated between $15-18 million, According to Entrackr. This Series B round comes within a year of the company’s previous Series A fundraise.

“Atlys has initiated talks with existing backer Peak XV and others to raise Series B round. The talks are early and may take a couple of months to materialize,” said a source who requested anonymity.

In September last year, Atlys secured $12 million in a Series A round led by Elevation Capital and Peak XV Partners, with participation from existing investors Andreessen Horowitz (a16z), Musical Duo Chainsmokers, South Park Commons, Pinterest Founders, and other investors. To date, Atlys has raised over $17 million.

“The round will be led by Peak XV and value Atlys anywhere at around $70 million or even more,” said another source.

Launched in 2021, Atlys aims to simplify visa-related processes, reducing rejection rates with its technology. The platform supports visa applications for over 150 destinations, with an average application time of just over 4-10 minutes.

Sources indicate that Atlys facilitates around 30,000 visa applications per month, with India contributing more than 60% (20,000) of these applications.

Earlier this year, Atlys introduced a new refund feature designed to provide financial security for users if their visa applications are rejected.

In response to Entrackr’s queries, Atlys founder and CEO Mohak Nahta said, “We would like to clarify that we are currently not engaging in any fundraising activities, and reports or rumours indicating otherwise are inaccurate.”

Queries sent to Peak XV did not elicit any response.

Atlys faces competition from Gurugram-based Visa2Fly and Mumbai-based StampThePassport. Visa2Fly raised $414K in its pre-seed round from ODX (On Deck), MarsShot VC (Razorpay Founders), and others in July 2022. StampThePassport raised $500K in September last year.