InstaAstro, an online astrology platform, has raised ₹18.50 crore in a pre-series A round led by Artha Venture Fund. InstaAstro’s current round saw participation from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund, and industry luminary Aloke Bajpai, MD and CEO of Ixigo.
With the fresh funds, InstaAstro plans to launch a new spiritual e-commerce, Daily Pooja, and Reiki healing services. The fund will also be used to add more astrologers, grow the company's footprint, and expand the brand.
InstaAstro was founded by Nitin Verma, an IIT graduate and seasoned entrepreneur. As per the company, in just three years, it has over 200,000 monthly app installs and an ARR of $5 million. Besides, InstaAstro offers horoscopes, tarot readings, and numerology in English, Hindi, and various regional languages. The company says that it has a total user base of over 50 lakh users and provided a cumulative consultation of more than 2 crore minutes to its subscribers in FY24. The company has 1500 astrologers on its platform.
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Anirudh A. Damani, Managing Partner, Artha Venture Fund, adds, "Astrology remains a subject of interest and cuts across economic classes. The online astrology market is ready for disruption, and InstaAstro’s differentiated offerings are reflected in the rapid yet sustainable growth of its revenues.”
There has been an increase in astrology-based start-ups. In February this year, Noida-based Astrotalk raised $20 million in a Series A round. It was led by Left Lane, a venture capital firm based in New York. Speaking to the Economic Times in an interview, the company’s founder and chief executive, Puneet Gupta, said that they will launch their IPO in 2025–26.
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According to a report by Expert Industry Research, the Indian religious and spiritual industry was valued at $44 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10 per cent between 2023 and 2028.
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