TLDR:
InstaAstro, an online astrology platform, raised ₹18.50 crore in a pre-series A round led by Artha Venture Fund. The funds will be used to launch new spiritual e-commerce, Daily Pooja, and Reiki healing services, add more astrologers, grow the company’s footprint, and expand the brand.
Article Summary:
InstaAstro, a popular online astrology platform founded by Nitin Verma, recently secured $2.30 million in funding during a pre-series A round led by Artha Venture Fund. This funding round also saw participation from LogX Ventures, Singularity Ventures, IR Capital Partners, Blume Founders Fund, and industry luminary Aloke Bajpai.
The funds will be used to support the launch of new spiritual e-commerce services, including Daily Pooja and Reiki healing services. Additionally, InstaAstro plans to use the funds to add more astrologers to their platform, expand their brand, and grow their footprint.
InstaAstro has been experiencing rapid yet sustained growth, with over 200,000 monthly app installs and an ARR of $5 million. The platform offers a variety of services such as horoscopes, tarot readings, and numerology in multiple languages. With a total user base of over 50 lakh users, InstaAstro has provided more than 2 crore minutes of consultations to its subscribers in FY24.
According to Anirudh A. Damani, Managing Partner at Artha Venture Fund, the online astrology market is primed for disruption, and InstaAstro’s innovative offerings have contributed to the company’s growth. With the rise of astrology-based start-ups, such as Astrotalk which recently raised $20 million in a Series A round, the industry shows promising potential.
Overall, the Indian religious and spiritual industry is valued at $44 billion and is expected to grow at a CAGR of 10% between 2023 and 2028, presenting a significant opportunity for companies like InstaAstro to thrive.
