StampMyVisa raises Rs 6.6 crore from Unicorn India Ventures to transform B2B travel sector
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Funding and Expansion: StampMyVisa has raised Rs 6.6 crore (about US$782,000) in a pre-Series A funding round led by Unicorn India Ventures to support its rapid expansion and enhance its AI capabilities.
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AI-Powered Visa Platform: The startup offers an AI-driven platform aimed at simplifying the visa application process for businesses, streamlining operations for corporates, travel agents, and MICE companies, ultimately facilitating faster approvals and improved compliance.
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Projected Growth: StampMyVisa has scaled its operations 7X and anticipates processing a million visas annually within the next 12 to 18 months, aiming to capture a significant share of the projected $2.4 billion global e-Visa market by 2032.
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Innovative Offerings: The company plans to launch new products, including SMV Protect Insurance, which refunds visa fees in case of rejection, and Travel eSIMs, enhancing customer value and supporting its geographical expansion across India.
- Market Demand: There is a growing demand for efficient, digitized visa processing solutions among Indian travelers, driven by the increasing middle class and their desire for global travel, positioning StampMyVisa as a key player in filling the gaps in the fragmented B2B market.
StampMyVisa, an AI-powered platform aiming to transform the B2B travel sector, has raised Rs 6.6 crore (or US$782,000) in a pre-Series A funding round from Unicorn India Ventures.
The startup plans to use the raised capital to support its rapid expansion, enhance its AI capabilities, and introduce innovative services that will redefine how businesses manage international travel and visa processes for Indians travelling abroad.
What does StampMyVisa do?
StampMyVisa operates an AI-powered platform that simplifies the complex visa application process for businesses.
Specialising in B2B travel, the platform helps corporates, travel agents, MICE companies, and OTAs streamline and automate visa processing, ensuring faster approvals, reduced errors, and enhanced global compliance.
It claims to have achieved impressive growth, scaling 7X. Additionally, the startup is on track to hit a million visas annually in the next 12–18 months.
Expanding geographical footprint
StampMyVisa will also focus on its geographical footprint across India, enhance its AI-driven technology, and launch next-generation products, including SMV Protect Insurance (a unique offering that refunds visa fees in case of rejection) and Travel eSIMs, providing further value to the platform’s customers.
“The travel sector is on the cusp of a major shift. We’re seeing a rapidly growing middle class in India with an increasing appetite for global experiences. AI will revolutionise the way Indians manage visas while helping businesses scale effortlessly and empowering millions of new travellers to explore the world. We’re not just building a platform for today’s needs; we’re creating the infrastructure that will support the next wave of global travel,” said Rahul Borude, Co-founder & CEO of StampMyVisa.
Global e-Visa market growth potential
The global e-Visa market is projected to grow at a CAGR of 11.1% from $1,030.5 million in 2024 to $2,395.2 million by 2032.
With its innovative use of AI to automate visa submissions, enhance compliance, and reduce processing errors, StampMyVisa aims to capture significant a market share in this growing market.
“Indian travellers are venturing abroad like never before, and the need for seamless, scalable, and digitised solutions in visa processing is critical. StampMyVisa is filling a major gap in the fragmented B2B market by offering a transparent, efficient, and future-proof platform,” said Anil Joshi, Managing Partner, Unicorn India Ventures.
“We believe the company’s AI-powered approach will redefine how businesses manage global mobility, and we are excited to back them in their journey and help visa application process simple and human error free,” Joshi added.
Here’s a summary of the information regarding StampMyVisa, including funds, investors, startup details, founders, and fundraising series:
Startup Details:
- Name: StampMyVisa
- Description: An AI-powered platform simplifying the visa application process for businesses in the B2B travel sector.
- Focus Areas: Corporates, travel agents, MICE companies, and OTAs.
Founders:
- Name: Rahul Borude
- Title: Co-founder & CEO
Fundraising Details:
- Funding Amount: Rs 6.6 crore (or US$782,000)
- Funding Series: Pre-Series A
- Usage of Funds: Support rapid expansion, enhance AI capabilities, and develop innovative services for managing international travel and visa processes.
Investors:
- Investor Name: Unicorn India Ventures
Additional Information:
- Growth Claim: Achieved impressive growth, scaling 7X.
- Future Goals: Aiming to process one million visas annually in the next 12–18 months.
- Geographical Expansion Focus: Enhancing footprint across India and launching new products like SMV Protect Insurance and Travel eSIMs.
Market Potential:
- Global e-Visa Market Growth: Projected to grow from $1,030.5 million in 2024 to $2,395.2 million by 2032 (CAGR of 11.1%).
This summary encapsulates the essential details regarding StampMyVisa’s funding and market position.