Visa Processing Startup Atlys In Talks With Peak XV, Others To Raise $15-18 Mn

Travel tech startup Atlys, which counts Andreessen Horowitz, Elevation Capital, and South Park Commons among its investors, is reportedly in talks with existing investor Peak XV Partners and others to raise $15-18 Mn in its Series B round.

The startup is eyeing a valuation of nearly $70 Mn, Entrackr reported citing sources.

The funding round will be led by Peak XV. However, the talks are in initial stages and the round may close in two months, the report added.

Atlys declined to comment on Inc42’s queries on the development. 

Founded by former Pinterest engineer Mohtak Nahta in 2020, Atlys is an online visa platform that claims to ensure on-time delivery of visas. The startup claims to provide the applicants an exact timeline for their visa arrival.

In September last year, Atlys raised $12 Mn in its Series A funding round co-led by Elevation Capital and Peak XV Partners. 

Back then, the startup said the funding would help it strengthen its tech stack, expand its product line and recruit staff.

At the time, Atlys said it would use a portion of the capital to solidify its foothold in the global e-visa market, which is projected to reach a size of $4.03 Bn by 2032 from $1.82 Bn in 2023.

Atlys claims to have processed over 5 Lakh visas so far and enabled e-visa applications for over 100 countries from India, including UAE, Australia, Japan, Malaysia, Argentina, Russia and Sri Lanka. 

Atlys enables users to apply for a visa in under 3 minutes. Recently, it rolled out a refund feature to ensure financial security in case of visa rejection. All Atlys users are eligible for a refund up to INR 8,000 in the event of visa rejection, unless the user is banned from entering a country.

Atlys operates in both B2B and B2C segments and competes against the likes of VisaHQ and iVisa.com.

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