Astrology continues to boom in India. The latest digital astrology consultancy platform to rise to the top is AstroTalk. Based out of Noida, this platform has managed to register a spectacular growth in terms of revenue during the fiscal year that ended in March 2024, which was two-fold compared to the previous fiscal year. Profits grew nearly 12 times compared to the previous fiscal year.
PC: Foundr Magazine India
As per the annual financial statement of AstroTalk filed with RoC, revenue from operations went up a spectacular 2.3 times to ₹651.12 crore in FY24 versus ₹283.32 crore in FY23. It is testament to the growing user base for its handy mobile and web applications connecting the users to professional astrologers meeting the ever-increasing demands of services.
The domestic market was the largest source of revenue for AstroTalk. Revenue from India doubled in FY24 to ₹529.6 crore. But the international market had increased 4.2 times, at ₹121.44 crore in FY24, which reflects the successful strategy of expansion of AstroTalk to tap into global demand for astrology services.
Despite the robust revenue growth, rising costs for finance, software, and website maintenance have raised total expenses 97.9% to ₹531 crore in FY24; however, the company managed to achieve exceptional profit growth with a rise in net profits by 11.8 times to ₹99.99 crore in the last fiscal year. AstroTalk’s ROCE and EBITDA margin were at 40.16% and 19.42%, respectively, for efficient working. It spent just ₹0.82 on the operations to bring in one rupee of operating revenue.
Substantial funding attracted by the sector in recent months underlines the success of astrology and spiritual tech startups like AstroTalk. As TheKredible indicates, several such startups AstroTalk, Vama, Ustav App, DevDham, InstaAstro, and Melooha collectively have raised nearly $60 million in the last 15 months. AstroTalk has managed to raise $34 million across two funding rounds this year. AstroTalk was founded by co-founder Puneet Gupta.
This is perhaps why astrology-based apps thrive though it comes as a surprise to some; however, this is just a part of the larger trend where formalization of the economy has also made traditionally niche markets contribute significantly to tax revenues. In an economy consumed by the value of immediacy, consumers are turning to astrology for answers rather than just looking for comfort during trying times, in this case, turning from being proactive against all forces that face life into a proactive lifestyle.
AstroTalk appears to be all set to grow very well in the future, with chances for even more expansion into newer markets or services. And while whether they will decide on an IPO or private buyout is still yet to be seen, it can clearly be said that AstroTalk is in a fantastic position to continue its success even as digital astrology opens up into an evolving landscape.
In conclusion, AstroTalk’s superb performance in FY24 is well representative of the increasing acceptance and demand for astrology services in India and beyond. As the platform continues to innovate and expand, it is expected to hold onto the top position in the spiritual-tech space further attracting users and investors.
