PC: Infomance
The visa processing platform Atlys closed $20 million in recent Series B funding led by Peak XV Partners and Elevation Capital, with existing and new investors DST Global and Headline. That fresh capital influx will fuel Atlys’s expansion initiatives, further strengthen its product offerings, and hone its engineering to reach new markets and scale worldwide.
This funding helps amplify at a strongly increased rate the presence of Atlys in the landscape of visa processing, making visa-related processes more accessible and efficient. The company is boastful of its technology-facilitated minimization of visa rejection rates while streamlining its entire processing times down to 55 seconds, thereby significantly enhancing the overall user experience. Atlys’s website deals with more than 150 destinations. The application for visa takes on average just 4 to 10 minutes, often simplifying very complex and time-consuming visa application procedures.
With an expanding strategy undertaken on purpose, Atlys has successfully entered into major markets such as the US, UAE, and UK, where positioning has been carried out to sustain growth and penetration of the market. Furthermore, the company has done well in strengthening the leadership team in key functional areas such as product development, engineering, and marketing, further demonstrating its intent on excellence and innovation.
Though the company has not publicly disclosed detailed figures associated with revenue, Atlys has reported that they had a growth rate of about 20 times within the last year and that such tremendous growth was reflected because of its strong business model, high technical prowess, and customer-centric approach. The platform processes about 30,000 visa applications per month, with India accounting for an impressive 60% share, or 20,000 applications, especially underlining the erstwhile relevance and presence in this region.
With the competition in the market, both Visa2Fly and StampThePassport, among others, are making tremendous strides in the portfolio of visa processing. Atlys, however, is leading the industry due to its anchoring emphasis on innovation in technology, user experience, and global presence.
A recent report from UNWTO has outlined the robust growth of outbound travel for India, with 30 million travelers going abroad in 2023. The increase was 20% year-over-year. Of importance in this surge in outbound travel is the contribution now coming from tier II and tier III cities; indeed, it accounts for 43% of total outbound travel in the country, a clear reflection of immense potential and demand for the streamlined visa processing solutions like Atlys.
The funding of rounds series B in Atlys demonstrates huge success toward attaining its mission to create innovations in visa processing and enhance travel experiences around the globe. Atlys is focused on innovation, customer satisfaction, and market growth; hence, it is precisely set up to remake the current landscape concerning visa processing and drive seamless, efficient visa solutions for travelers all over the globe.
