Login

Astrology startup AstroTalk’s profit jumps 1000% to Rs 100 crore in FY24

| Posted on |

  • Record Profit Growth: AstroTalk reported a staggering 1,080% increase in profits, reaching Rs 99.99 crore for the fiscal year ending March 2024, reflecting a massive 1,000% surge compared to the previous year.

  • Revenue Surge: The startup’s revenue from operations more than doubled to Rs 651.12 crore, fueled by a 100% increase in both domestic (Rs 529.6 crore) and international (Rs 121.44 crore, a 4.2-fold increase) revenues.

  • Rising Expenses: Total expenses rose by 97.9% to Rs 531 crore, driven by significant increases in legal fees (up 103% to Rs 319 crore), advertising costs (up 116% to Rs 162.68 crore), and employee benefits (up 28.29% to Rs 29.61 crore).

  • Recent Funding: In June 2024, AstroTalk raised $9.5 million in an extension of its Series A funding round, increasing its post-money valuation to $300 million, following an earlier $20 million funding in February 2024.

  • Company Background: Founded in 2017 by Puneet Gupta and Anmol Jain, AstroTalk serves as a global marketplace connecting consumers with astrologers for various services, including horoscope readings and live prayers.

Noida-based digital astrology consultancy startup AstroTalk has reported a massive 1,000% increase in profits for the fiscal year ending March 2024.

According to its annual financial statement filed with the Registrar of Companies (RoC), the startup’s profit surged by 1,080%, reaching Rs 99.99 crore.

This significant profit growth was driven by over 100% increase in revenue from operations, which rose to Rs 651.12 crore in FY24, up from Rs 283.32 crore in FY23.

Revenue breakdown

According to Entrackr’s report, AstroTalk’s impressive revenue figures stemmed from both domestic and international sources. The startup’s income from Indian operations doubled to Rs 529.6 crore, while its revenue from overseas markets experienced an even greater leap, increasing 4.2 times to Rs 121.44 crore.

Additionally, the Noida-based startup generated Rs 8 crore from interest income, bringing its total revenue to Rs 659 crore in FY24.

Rising expenses

AstroTalk’s growth came alongside a rise in expenses. Total costs increased by 97.9%, amounting to Rs 531 crore in FY24. Key contributors to this increase included employee benefit expenses, which rose 28.29% year-on-year to Rs 29.61 crore, representing 5.5% of the total expenses. Advertising and promotional costs surged by 116% to Rs 162.68 crore.

The most significant expense category was legal and professional fees, which constituted 60% of total expenses and increased by 103% to Rs 319 crore. Other notable expenses included finance, software, and website maintenance.

Funding and investors

In June, AstroTalk raised $9.5 million in an extension of its Series A funding round, bringing the startup’s post-money valuation to $300 million.

The round was led by existing investors Left Lane Capital, a New York-based venture capital firm that invests in high-growth consumer and internet technology companies and Elev8 Capital.

The startup initially raised $20 million in February 2024 in a Series A funding round led by Left Lane Capital.

Founded in 2017 by Puneet Gupta and Anmol Jain, Astrotalk is a globally managed marketplace that connects consumers to astrologers for horoscope readings, birth chart analysis, live prayers and more.


Here is the requested information extracted from the provided content:

Startup

  • Name: AstroTalk
  • Founded: 2017
  • Founders: Puneet Gupta and Anmol Jain
  • Location: Noida, India
  • Industry: Digital astrology consultancy

Financial Performance

  • Profit (FY24): Rs 99.99 crore (1,080% increase)
  • Revenue (FY24): Rs 651.12 crore (up from Rs 283.32 crore in FY23)

Revenue Breakdown

  • Domestic Revenue: Rs 529.6 crore
  • International Revenue: Rs 121.44 crore (increased 4.2 times)
  • Interest Income: Rs 8 crore
  • Total Revenue: Rs 659 crore

Expenses (FY24)

  • Total Costs: Rs 531 crore (increased by 97.9%)
    • Employee Benefit Expenses: Rs 29.61 crore (28.29% increase)
    • Advertising and Promotional Costs: Rs 162.68 crore (116% increase)
    • Legal and Professional Fees: Rs 319 crore (103% increase, constituting 60% of total expenses)

Funding and Investors

  1. Most Recent Funding:

    • Amount: $9.5 million
    • Type of Round: Extension of Series A
    • Valuation: $300 million post-money
    • Lead Investors:
      • Left Lane Capital (New York-based VC)
      • Elev8 Capital
  2. Previous Funding:
    • Amount: $20 million
    • Type of Round: Series A
    • Lead Investor: Left Lane Capital

Summary

AstroTalk has shown substantial growth in profitability and revenue, supported by recent funding from notable investors including Left Lane Capital and Elev8 Capital. The founders, Puneet Gupta and Anmol Jain, have established a marketplace connecting consumers with astrologers for various services.

Source link

Terms          Privacy Policy