E-Visa Startup Atlys Secures $20 Million in Funding Round Led by Peak XV

E-visa startup Atlys raises $20 million in funding led by Peak XV, Elevation

Atlys, founded in 2021 by Nahta, a former Pinterest engineer, streamlines visa processing for travellers. The platform claims to cut visa processing times to just 55 seconds for more than 150 destinations, while also reducing rejection rates.E-visa startup Atlys has raised $20 million in a series-B funding round that was led by existing investors Peak XV Partners and Elevation Capital. Founder Mohak Nahta said the capital will be used to drive the company's expansion, enhance its product and engineering capabilities, build a strong leadership team and scale global operations. Atlys has already set its sights on the Middle East as its next focus market, he said. New investors, including DST Global and Headline, which has backed companies like Mistral AI, Bumble and GoPuff, also participated in the funding round. The investment comes at a time when startups, particularly in the tech and fintech sectors, are increasingly turning to visa services as they expand globally and seek to access a broader talent pool. Visa service providers are also helping startups in navigating complex immigration regulations, simplifying the process of obtaining work permits. Atlys, founded in 2021 by Nahta, a former Pinterest engineer, streamlines visa processing for travellers. The platform claims to cut visa processing times to just 55 seconds for more than 150 destinations, while also reducing rejection rates. VisaHQ and Akbar Travels are among Atlys' competitors. "Atlys makes it easy for anyone to get a visa on time, and our mission is to enable everyone to travel freely," Nahta told ET. "We have grown 20 times over the last year, and we want to maintain that growth rate as we expand both in India and international markets." He said the company has processed over a million visas since it began operations. Previously, the company had raised $12 million in a series A round, also led by Elevation Capital and Peak XV Partners, bringing its total funding till date to about $37 million. Atlys expects to benefit from the booming international travel market, which is projected to grow at a compound annual growth rate (CAGR) of 10.5% over the next 10 years. In India, outbound travel has surged. Some 30 million people travelled to international destinations in 2023, marking a 20% year-on-year increase. The increase was fuelled by a growing middle-class and greater access to affordable travel options, particularly from tier-2 and 3 cities. Recently, Atlys introduced an artificial intelligence-powered visa evaluator that estimates approval chances, bringing transparency to the visa process. The company has also expanded its offerings to include e-sims and travel insurance. Operating in both business-to-business (B2B) and business-to-consumer (B2C) segments, the company's eponymous mobile application enables people to apply for visas directly, while travel agents use the platform to submit visa applications for their clients. In a lighthearted moment during the 2024 Paris Olympics, Nahta promised free visas to all Atlys users if Indian javelin thrower Neeraj Chopra won gold. Although Chopra secured a silver medal, Nahta decided to stick to his promise.

E-visa startup Atlys raises $20 million

Atlys, founded in 2021 by Nahta, a former Pinterest engineer, streamlines visa processing for travellers. The platform claims to cut visa processing times to just 55 seconds for more than 150 destinations, while also reducing rejection rates.E-visa startup Atlys has raised $20 million in a series-B funding round that was led by existing investors Peak XV Partners and Elevation Capital. Founder Mohak Nahta said the capital will be used to drive the company's expansion, enhance its product and engineering capabilities, build a strong leadership team and scale global operations. Atlys has already set its sights on the Middle East as its next focus market, he said. New investors, including DST Global and Headline, which has backed companies like Mistral AI, Bumble and GoPuff, also participated in the funding round. The investment comes at a time when startups, particularly in the tech and fintech sectors, are increasingly turning to visa services as they expand globally and seek to access a broader talent pool. Visa service providers are also helping startups in navigating complex immigration regulations, simplifying the process of obtaining work permits. Atlys, founded in 2021 by Nahta, a former Pinterest engineer, streamlines visa processing for travellers. The platform claims to cut visa processing times to just 55 seconds for more than 150 destinations, while also reducing rejection rates. VisaHQ and Akbar Travels are among Atlys' competitors. "Atlys makes it easy for anyone to get a visa on time, and our mission is to enable everyone to travel freely," Nahta told ET. "We have grown 20 times over the last year, and we want to maintain that growth rate as we expand both in India and international markets." He said the company has processed over a million visas since it began operations. Previously, the company had raised $12 million in a series A round, also led by Elevation Capital and Peak XV Partners, bringing its total funding till date to about $37 million. Atlys expects to benefit from the booming international travel market, which is projected to grow at a compound annual growth rate (CAGR) of 10.5% over the next 10 years. In India, outbound travel has surged. Some 30 million people travelled to international destinations in 2023, marking a 20% year-on-year increase. The increase was fuelled by a growing middle-class and greater access to affordable travel options, particularly from tier-2 and 3 cities. Recently, Atlys introduced an artificial intelligence-powered visa evaluator that estimates approval chances, bringing transparency to the visa process. The company has also expanded its offerings to include e-sims and travel insurance. Operating in both business-to-business (B2B) and business-to-consumer (B2C) segments, the company's eponymous mobile application enables people to apply for visas directly, while travel agents use the platform to submit visa applications for their clients. In a lighthearted moment during the 2024 Paris Olympics, Nahta promised free visas to all Atlys users if Indian javelin thrower Neeraj Chopra won gold. Although Chopra secured a silver medal, Nahta decided to stick to his promise.

Peak XV Leads $20 Million Funding Round for e-Visa Platform Atlys

The Mumbai-based startup is leveraging AI for visa evaluation, improving transparency in visa approvals. Atlys, a leading platform for visa processing, has secured $20 million in its Series B funding round, co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital. The funding round saw participation from existing investors and new backers, including DST Global and Headline. This latest capital injection will support Atlys' rapid growth and expansion into new markets, with a focus on enhancing its product and engineering capabilities. Atlys is leveraging advanced automation to simplify visa applications for over 150 destinations, reducing rejection rates and cutting processing times to as little as 55 seconds. The platform offers a user-friendly interface coupled with robust data encryption, ensuring both security and convenience for global travellers. The company's rise has been marked by significant achievements, including a 20x growth in the past year. Atlys has established its presence in key global markets such as the US, UAE, and the UK, while bolstering its leadership team with hires in product, engineering, and marketing. "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." With the new funding, the company aims to aggressively scale operations globally, focusing particularly on meeting the growing needs of travellers in India, where international tourism is on the rise. Shraeyansh Thakur, Principal at Peak XV, expressed optimism about Atlys' future, stating, "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." Founded in 2021, Atlys simplifies visa processing, empowering travellers to navigate visa applications efficiently. With this new round of funding, the company is well-positioned to accelerate its global growth and redefine the future of travel.