Visa processing platform Atlys Tuesday said it has raised $20 million (Rs 167 crore) in a Series B funding round, co-led by Peak XV Partners (formerly Sequoia Capital India & Southeast Asia) and Elevation Capital.
The round also saw participation from all existing investors, alongside new investors such as DST Global and Headline. It 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.
The company plans to use the fresh capital to fuel its aggressive expansion strategy, improve product and engineering capabilities, enter new markets, and scale operations globally. Its core focus, however, will remain on meeting the growing needs of travellers, particularly in India, where international tourism is booming.
Atlys claims that the funding comes on the heels of the company achieving 20x growth over the past year. The platform has expanded its footprint in key global markets, including the US, the UAE, and the UK, while strengthening its leadership team.
"Atlys has seen extraordinary 20x growth over the last 12 months," said Mohak Nahta, founder and chief executive officer 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."
Atlys automates visa applications for over 150 destinations. It claims that it has been successful in reducing rejections, and cutting processing times to as fast as 55 seconds.
"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,” said Shraeyansh Thakur, principal at Peak XV.
