InstaAstro raises Rs 3.2 cr in Seed round, led by Artha Venture Fund
Wellness and spiritual services platform InstaAstro raised Rs 3.2 crore in a Seed round led by Artha Venture Fund (AVF), the company said in a statement on Tuesday. The round also witnessed the participation of Ramakant Sharma’s LogX Ventures, the company said in a statement.
The startup is planning to utilise the funds for product development, marketing, and starting additional services like live astrologer sessions, remedies, e-pooja and e-commerce to its platform.
The platform offers online predictions and consultancy, and helps people during their phase of stress. This platform enables users to consult astrologers via a telephone call or through chat.
Noida-based InstaAstro was founded by Nitin Verma, an IITK alumnus. Verma has co-founded two other companies, including DByDx Software which was acquired by Kelltontech Solution Ltd) and Edureka, acquired by Veranda Learning Solutions.
“With 115 million people in India spending a minimum of $50 on traditional astrology services, we see a significant headroom for growth here and abroad,” said Verma.
InstaAstro connects more than 500 qualified professionals from across the country on their current roster. Their monthly recurring revenues (MRR) and users have grown 20x and 25x, respectively, since February 2021. The platform claims to have over 30,000 monthly consultations, according to the statement.
“We were impressed by the team at InstaAstro and how they have leveraged new-age technology to help consumers resolve their real-life problems in a structured manner. Moreover, with their growing roster, the platform could cater to high volumes of queries across the country/globe and use technology to create personalized, engaging experiences and measure outcomes,” said Anirudh A Damani, Managing Partner, Artha Venture Fund.
Founded in 2012, Artha India Ventures (AIV) is the alternative investment arm of the family office of Ashok Kumar Damani. They have invested in over 85 startups across India, the US, and Israel. Their portfolio includes Agnikul, LenDenClub, HobSpace, PiggyRide, Daalchini, Kabbadi Adda, and more. This is AIV’s 12th investment from its recently-closed Rs 225 crore micro-VC fund.
Recently, in an interaction with VCCircle, Damani spoke about the rise of family offices in India, his investment strategy and recent trends in angel investing.
Credit: Source link
Comments are closed.