Atlys, a fast-growing e-visa platform, has successfully secured $20 million in a Series B funding round led by Peak XV Partners and Elevation Capital, with participation from new investors DST Global and Headline. This round of investment builds on previous backing from Peak XV Partners and Elevation Capital, further strengthening the company’s ability to scale its operations.
The newly raised capital will be deployed to expand Atlys’ global footprint, enhance its product and engineering capabilities, and strengthen its leadership team. Founded in 2021 by Mohak Nahta, a former Pinterest engineer, Atlys aims to simplify and streamline visa applications for global travelers. With plans to enter the Middle East market, the company is positioning itself as a key player in the rapidly evolving visa services sector.
Atlys’s innovative platform significantly reduces visa processing times, offering approval within 55 seconds for over 150 destinations. This positions Atlys as a formidable competitor in the travel and visa industry, alongside established players such as VisaHQ and Akbar Travels. The platform has already processed over a million visas to date, a testament to its efficiency and growing user base.
In addition to visa processing, Atlys has recently introduced an AI-powered visa evaluator, providing users with transparency on their approval chances. The company has also diversified its offerings, adding e-sims and travel insurance to its suite of services. Atlys operates across both business-to-business (B2B) and business-to-consumer (B2C) segments, with its app serving both individual travelers and travel agents.
Atlys has experienced impressive growth, expanding its reach significantly. Since its inception, the company has raised a total of $37 million in funding, including its earlier $12 million Series A round. Looking forward, Atlys is poised to benefit from the projected 10.5% compound annual growth rate (CAGR) in the international travel market over the next decade.
India’s outbound travel market has also seen a remarkable surge, with 30 million people traveling abroad in 2023, a 20% increase from the previous year. Atlys is well-positioned to capitalize on this growth, driven by a rising middle class and greater access to affordable travel options.
In a memorable moment during the 2024 Paris Olympics, Nahta pledged to provide free visas to all Atlys users if Indian javelin thrower Neeraj Chopra secured a gold medal. While Chopra won silver, Nahta fulfilled his promise, offering free visas to users in celebration of the achievement.