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BusinessWire India
New Delhi [India], September 24: Atlys, the leading visa processing platform, has raised USD 20 million in its Series B funding round, co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital. The round saw strong participation from all existing investors, alongside new investors such as DST Global and Headline.This new funding marks a pivotal milestone in Atlys' rapid ascent, with the company experiencing 20x growth over the past year. The platform has expanded its footprint in key global markets, including the US, UAE, and the UK, while strengthening its leadership team with top-tier hires in product, engineering, and marketing. The fresh capital will fuel Atlys' aggressive expansion strategy, empowering the company to enhance its product and engineering capabilities, enter new markets, and scale operations globally. A core focus remains on meeting the growing needs of travellers, particularly in India, where international tourism is booming. "Atlys has seen extraordinary 20x growth over the last 12 months," said Mohak Nahta, Founder and CEO of Atlys. "This investment will enable us to continue scaling globally and ensure that travellers 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. We are one step closer to a world where borders no longer restrict exploration." In 2023, global outbound international tourists totalled 1.3 billion, fueled by rising international tourism, expanding expatriate communities, and the increasing adoption of digital travel solutions. With these drivers, the market is expected to grow at a CAGR of 10.5% over the next decade. In India, 30 million travellers ventured abroad, marking a 20% year-on-year increase, largely propelled by a growing middle class and greater access to affordable travel options. A significant portion of this growth came from Tier 2 and Tier 3 cities, which contributed to 43% of the country's outbound travel, reflecting a broader shift beyond metro-driven demand. (as per a report by UNWTO) Atlys is leading the way in this transformation by using advanced automation to simplify visa applications for over 150 destinations. The company has successfully reduced rejections and processing times to as fast as 55 seconds. With a user-friendly interface and robust data encryption, Atlys ensures both convenience and security for global travellers. Shraeyansh Thakur, Principal at Peak XV, added, "Travel continues to see strong tailwinds globally and our thesis is that visas are just the starting point. We believe Atlys can go on to become a broader travel services platform for a range of use cases for travellers globally, and we are excited to deepen the partnership with Mohak and the Atlys team on this journey." Mayank Khanduja, Partner at Elevation Capital, said, "Atlys is one of the most innovative products to emerge in the travel space in a long time--a space where many have focused on transaction revenue without addressing the real pain points of global travellers. We believe in their long-term vision and the value they are creating, for global travellers in today's fast-paced world. This new round of funding is a testament to the progress they've made, and we're excited to support them as they scale into new markets and continue redefining what seamless travel looks like."Atlys last raised Series A funding in 2023 from Peak XV Partners, Elevation Capital, a seed round led by Andreessen Horowitz (A16Z) in 2021 and a pre-seed round led by South Park Commons. (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
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