Peak XV Partners, Elevation co-lead $20m funding in visa platform Atlys

Visa processing platform Atlys on Tuesday said that it has raised $20 million in its Series B funding round, co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital.

The financing also saw participation from all existing investors, alongside new investors such as DST Global and Headline, the startup said in a statement.

Mumbai-based Atlys will use the funds to enhance its product and engineering capabilities, enter new markets, and scale operations globally, the statement added.

Atlys, which claims to have experienced 20x growth over the past year, has expanded its footprint in key global markets, including the US, UAE, and UK while strengthening its leadership team with top-tier hires in product, engineering, and marketing.

“This investment will enable us to continue scaling globally and ensure that travellers can obtain their visas on time, every time. As India’s outbound tourism surges, the need for a seamless, on-time visa process is more critical than ever. We are one step closer to a world where borders no longer restrict exploration,” said Mohak Nahta, founder and CEO of Atlys.

In 2023, global outbound international tourists totalled 1.3 billion, fuelled by rising international tourism, expanding expatriate communities, and the increasing adoption of digital travel solutions. In India, 30 million travellers ventured abroad, marking a 20% year-on-year increase, largely propelled by a growing middle class and greater access to affordable travel options.

A significant portion of this growth came from Tier 2 and Tier 3 cities, which contributed to 43% of the country’s outbound travel, per a report by UNWTO.

“Travel continues to see strong tailwinds globally, and our thesis is that visas are just the starting point. We believe Atlys can go on to become a broader travel services platform for a range of use cases for travellers globally, and we are excited to deepen the partnership with Mohak and the Atlys team on this journey,” said Shraeyansh Thakur, Principal at Peak XV.

Founded in 2021 by Nahta, Atlys simplifies visa processing and global travel. Atlys last raised Series A funding in 2023 from Peak XV partners and Elevation Capital, a seed round led by Andreessen Horowitz (A16Z) in 2021, and a pre-seed round led by South Park Commons.

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