Visa Processing Platform Atlys Secured $20 Mn from Peak XV and Elevation

Atlys, a platform for processing visas, has secured $20 million in its Series B funding round, with Peak XV Partners and Elevation Capital leading the investment. Alongside existing investors, new backers like DST Global and Headline also took part in the round. The company stated in a press release that the new funds will support its expansion efforts, improve its product and engineering capabilities, enter new markets, and expand its operations worldwide.

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Before the recent funding round, Atlys had previously secured 12million in a SeriesA round in September 2023,as wel las 4.25 million in seed funding in October 2021. The startup, which is three years old, is focused on simplifying visa-related processes. According to the company, its technology can lower visa rejection rates and streamline processing times to as fast as 55 seconds. The platform offers coverage for over 150 destinations, with an average application time of just over 4-10 minutes.

Atlys has broadened its presence in important global markets such as the US, UAE, and the UK. Moreover, it has strengthened its leadership in the product, engineering, and marketing departments. Sources indicate that Atlys processes roughly 30,000 visa applications every month, with India accounting for over 60% (20,000) of these applications. Although Atlys has not revealed its revenue and other specific measurements, it asserts that it has grown twenty times in the past year.

Atlys’ rival Visa2Fly secured 414K in its initial funding round in July 2022, while Stamp the Passport raised 500K in September the previous year. According to a UNWTO report, India witnessed 30 million people traveling abroad in 2023, showing a 20% increase compared to the previous year. The report also highlighted that a large part of this growth originated from tier II and tier III cities, accounting for 43% of the country’s outbound travel.

Atlys, a visa processing platform, has successfully closed a $20 million Series B funding round, with support from investors like Peak XV Partners, Elevation Capital, DST Global, and Headline. Focused on simplifying visa processes, Atlys boasts technology that reduces rejection rates and processes applications in as little as 55 seconds. With its expansion into global markets and strong leadership, Atlys processes around 30,000 visa applications monthly, with India accounting for over 60%. Despite not disclosing specific financials, the company claims to have grown twentyfold in the past year, positioning itself strongly in a growing market.