Founder Mohak Nahta said the capital will be used to fuel the company’s expansion, enhance its product and engineering capabilities, build a strong leadership team and scale global operations. Atlys It has already set its sights on the Middle East as its next target market, he said.
New investors, including Global Daylight Saving Time and Headline, which has backed companies including Mistral AI, Bumble and GoPuff, also participated in the funding round.
The investment comes at a time when startups, particularly in the technology and fintech sectors, are increasingly turning to visa Visa service providers are also helping startups navigate complex immigration regulations by simplifying the process of obtaining work permits.
Founded in 2021 by Nahta, a former Pinterest engineer, Atlys streamlines visa processing for travelers. The platform claims to reduce visa processing times to just 55 seconds for over 150 destinations, while also reducing rejection rates.
VisaHQ and Akbar Travels are among Atlys’ competitors. “Atlys makes it easier for anyone to get a visa on time, and our mission is to enable everyone to travel freely,” Nahta told ET. “We have grown 20 times over the last one year and we want to maintain that growth rate as we expand both in India and international markets.” He said the company has processed over a million visas since it started operations.
The company previously raised $12 million in a Series A round, also led by Elevation Capital and Peak XV Partners, bringing its total funding to date to approximately $37 million.
Atlys expects to benefit from the booming international travel market, which is projected to grow at a compound annual growth rate (CAGR) of 10.5% over the next 10 years.
In India, outbound travel has been on the rise. Some 30 million people travelled to international destinations in 2023, up 20% year-on-year. The increase was driven by a growing middle class and greater access to affordable travel options, particularly from tier-2 and tier-3 cities.
Atlys recently introduced an AI-powered visa evaluator that calculates approval probabilities, bringing transparency to the visa process. The company has also expanded its offering to include e-SIM cards and travel insurance.
The company’s eponymous mobile app, which operates in both business-to-business (B2B) and business-to-consumer (B2C) segments, allows individuals to apply for visas directly, while travel agents use the platform to submit visa applications for their clients.
In a humorous moment during the 2024 Paris Olympics, Nahta promised free visas to all Atlys users if Indian javelin thrower Neeraj Chopra won gold. Although Chopra got a silver medal, Nahta decided to keep his promise.
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